"Member deposits are safe at the Auburn University Federal Credit Union" is Auburn University Federal Credit Union's President, Henry Armstrong's message to members, in response to the March 20 evening's news that federal regulator National Credit Union Administration (NCUA) has placed two "corporate" credit union, U.S. Central Federal Credit Union and Western Corporate Federal Credit Union (WesCorp) into conservatorship. Corporate Credit Unions are credit unions that serve other credit unions and do not serve consumers. Natural person credit unions continue to remain strong with an average capital position of over 10%.
"The AUFCU board of directors and management are closely monitoring the situation at WesCorp and U.S. Central," said Auburn University Federal Credit Union Chairman Joe Morgan. "Auburn University Federal Credit Union holds no direct investment in either institution and our federal deposit insurance of up to $250,000 per account with NCUA, along with the diversified investment approach that we pursue, provides our members with an exceptional amount of safety," he continued.
Below are important facts concerning Auburn University Federal Credit Union's safety and soundness: