NWCUA, Banking Associations, and Regulators Collaborate to Reassure Consumers

Through a joint news release, the banking system messaged that financial institutions are safe, sound, reliable, and here for you.

3/31/2020

The Northwest Credit Union Association and the banking trade groups in Idaho, Oregon, and Washington issued joint news releases last week to reassure the public that financial institutions are here to serve them — in good times and in challenging times, such as the current COVID-19 crisis. The releases for Idaho, Oregon, and Washington are available online for reading and sharing.

School and business closures, job losses, and slow-downs cause anxiety for families. The news releases reassure consumers that their money is insured and their financial institution has their back.

In addition to NWCUA, participating agencies included the National Credit Union Administration, the Federal Deposit Insurance Corporation, the Idaho Bankers Association, the Oregon Bankers Association, the Washington Bankers Association, the Idaho Department of Finance, the Oregon Division of Financial Regulation, and the Washington Department of Finance.

A key message in the news releases is that, through technology, consumers have full access to their accounts and can conduct all necessary transactions without entering a branch.

“All the modern-day advances financial institutions have made to provide technology are relevant on Main Street,” said Troy Stang, NWCUA President and CEO. “Through online and mobile apps and ATMs, you have total access to your money anywhere at any time. You can conduct most any necessary financial transactions you need from your home.”

The joint news releases also assured consumers that they don’t need to withdraw large amounts of cash and can count on their credit and debit cards for purchases. Lost or stolen cash, the releases said, cannot be replaced.

“Credit union members have never lost a penny of savings at a federally insured credit union,” said Rodney Hood, Chairman, NCUA. “All deposit accounts of up to $250,000 at federally insured credit unions are protected by the National Credit Union Share Insurance Fund.”

Editor’s Note: NWCUA has numerous resources to help credit unions message technology, cash withdrawals, social distancing, and more on the Coronavirus Preparation & Response Resources webpage.