CMECU Response Regarding Bank Market Conditions

 

Dear CMECU Members,

We understand that recent events may have caused concern, but we want to reassure you that our credit union operates differently from large banks like Silicon Valley Bank and Signature Bank.

While banks and credit unions offer similar products, the focus of credit unions and our regulators is on safety and soundness. Plus, our credit union with a 96 years stability shows clearly that we are here to protect our members and their money with conservative plans and strategies having priority to the people not the profits.

At Chicago Municipal Employees Credit Union, we are proud of our position in the current market and want you to know that we have NO exposure to the issues facing those banks.

Your deposits with us are insured by the National Credit Union Administration Insurance Fund, which is backed by the full faith and credit of the United States. Over 97% of our deposits are insured, whereas only 10% of Silicon Valley Banks were insured by the FDIC.

We want you to feel secure and informed about your insurance coverage. That's why we offer tools and support to help you understand and manage your NCUA insurance coverage limits.

To calculate your coverage, visit https://mycreditunion.gov/insurance-estimator.

Our team is also available to assist you with any questions or concerns you may have about your coverage limits.

We are here for you, our members as always.

Please don't hesitate to reach out to us. A member of our management team will be happy to contact you and answer any questions you may have.

Your CMECU is here for you-with savings and lending products, your financial partner-Thank you for your trust and business and we appreciate your membership!

Sincerely

Peter Tzortzakis

President/CEO