Take down by the FDIC

TDECU‘s Safe & Sound page has been killed by the FDIC.  Here is a link to the cached page and the site now redirects to their normal site.  I can see how this may be a sensitive topic to some, but regardless, it is good to discuss it and any implications it may bring for future CU’s.  No where does TDECU talk about a specific bank, just the industry in general.  I don’t see how this is any different than any of the talking heads on CNBC blabbering on about the market and if your money is safe.  CU Times caught wind of it as well although their article doesn’t seem to back up TDECU as much as I thought it should.  Is this just bankers pushing credit unions around or is the safe and sound site a little too “alarmist”?

5 thoughts on “Take down by the FDIC”

  1. The CU’s observations and comments pale in comparison to Senator McCain’s comments about impending disaster in the industry and the soon to be depression that will arrive if there is no federal bailout of the FSI. The comments also pale next to Bush’s speech the other night claiming the industry is collapsing before our eyes. How can one little CU be such a threat and the two currentl leaders of the Republican party be no threat at all?

  2. This is a topic that came up during the marketing portion of the Idea Xchange at Partnership Symposium. I can’t see the original page, but the consensus among that group was that although they may have gone a bit farther than they should have, there needed to be more support and questioning from CUs before TDECU shut down the page.

    There were lots of people with fairly strong opinions on this and I wonder if the discussion could be carried on over here?

  3. TDECU should have sought some public support. We’ve had some problems with the FDIC not wanting to review a pending court case regarding a bank not returning funds that were wired into them. The bank is claiming an employee basically stole the funds and it isn’t their responsibility. The FDIC claims it is a contractual issue. But I thought, if you made a deposit in a bank, your funds were automatically protected.

    However, they are only protected against bank failure. They aren’t protected from theft, fraud, or fire.

    Here is the link to the case if you are interested.

    http://dockets.justia.com/docket/court-nhdce/case_no-1:2008cv00261/case_id-32470/

    Anyway, sorry for going off topic. The fact is credit unions are far less likely to be in trouble from this current mess. They shouldn’t have to back down from making that fact known.

    Chris Duncan
    Jumbo CD Investments, Inc.

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