An important message for CSC Employees FCU Members:

In light of the recent financial market events, we want to reassure our Members regarding the financial strength of your credit union. A strong financial position has always been one of our primary objectives.

In today’s environment, two areas are of critical importance: capital and liquidity. Capital is the best indicator of an organization’s financial position. At over $12 million, or just over 15% of total assets, our capital ratio is more than double that of most banks and approximately 24% better than our peer credit unions. In fact, we continue to build on our capital position each month. With respect to our liquidity, we are confident in our ongoing ability to meet all needs, using cash on hand and short-term investments easily converted into cash.  

The other area that has garnered a lot of attention lately is consumer lending. We have always been a conservative lender. We are not involved in sub-prime lending, whether for mortgages, autos or credit cards, nor have we resorted to any creative investment strategies. That, combined with the quality of our Membership, makes our lending portfolio strong and stable. This is not to say that our Members have not experienced some challenges, but our loss ratio pales in comparison to other lenders. In fact, it is sixteen times lower than industry average as our portfolio continues to perform at a positive level. 

Additionally, rest assured that your credit union deposits are insured by the National Credit Union Share Insurance Fund (NCUSIF) and is managed by the National Credit Union Administration, an independent agency of the United States Government.

Your deposits are insured to at least the standard share insurance amount of $250,000, until December 31, 2009.  Members may increase their insurance coverage by putting their share/share certificate accounts into different ownership types. Individual Retirement Accounts (IRAs) are insured separately up to $250,000.

To more accurately estimate your specific share insurance coverage, visit the NCUA’s online share insurance estimator here.   

With your credit union’s financial strength and strong capital position, and because NCUSIF is backed by the full faith and credit of the U.S. Government, you can rest easy knowing that your funds are safe at CSC Employees FCU.

If at any time, you have questions about your CSC Employees FCU accounts, we invite you to call us at 1-800-CSC-EFCU.