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A LETTER FROM THE PRESIDENT OF TCC CREDIT UNION


 


March, 2009


 


Dear Member,


 


As you may have seen or read, on Friday March 20, 2009, the National Credit Union Administration (NCUA) Board took control of U.S. Central FCU and Western Corporate (WesCorp) FCU, and placed them into conservatorship.  Both of these organizations are corporate credit unions that do not serve the individual consumer.  They serve other credit unions by providing investment options, liquidity sources, and other back-office services such as check processing.  Corporate credit unions are known as “credit unions for credit unions”.


 


Credit unions use corporate credit unions for investments and check processing.  We purchase Certificates of Deposit from them to earn interest just as you may have used TCC Credit Union to purchase your Certificates.  NCUA has reassured the industry that their actions will not affect the operations of these corporate credit unions.  In their press release, they stated:  “Operations of both corporate credit unions will continue uninterrupted.”  In addition, they stated:  “With the National Credit Union Share Insurance Fund's (NCUSIF) full share guarantee in effect in both institutions through December 31, 2010, members (credit unions) can continue to invest in both institutions without risk of loss”.


 


These are unprecedented times for our nation's economy.  The fact that the market/economy changed so dramatically certainly was not foreseen by anyone.  The U.S. Treasury, Federal Reserve, NCUA, FDIC, Fannie Mae, Freddie Mac, and most of the major businesses in the world were all devastated by the turn of events.  Please be assured, especially during these troubled financial times, that your Board of Directors and Management continues to operate and make business decisions conservatively.


 


TCC CU has a very strong Net Worth of over 10%, and every member account is insured by the National Credit Union Share Insurance Fund with the backing of the full faith and credit of the U.S. government to at least $250,000 for individual accounts.  Higher levels of insurance are available based on account ownership.  Also, certain retirement accounts, such as IRAs, are insured separately up to $250,000.


 


As the nation braces itself for more tough times ahead, TCC Credit Union is prepared to succeed even in a weakening economy.


 


Sincerely,


 


 


Ron Powers


President


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