Improving the lives of our members, one member at a time.

Dear members,

The National Credit Union Administration (NCUA) is an agency of the U.S. government and is the regulator of all federally insured credit unions.  Many news outlets across the country recently reported an announcement that the NCUA is proposing a $1 billion capital infusion to U.S. Central Credit Union with the aim of guaranteeing all shares at all corporate credit unions.

It’s important to let you know that Connex Credit Union continues to be safe and financially sound.  The NCUA’s action affects what are known as Corporate Credit Unions, credit unions formed to serve other credit unions. Corporate credit unions do not serve consumers directly and NCUA's action ensures that Corporate Credit Unions remain a viable source of liquidity for the US credit unions system.

The credit union system in the United States is, overall, healthy and sound. This is particularly true of Connex Credit Union, as evidenced by our strong capital position and financial performance.

As you also know, members’ deposits at Connex Credit Union are federally insured by NCUA to $250,000.00 and backed by the full faith and credit of the United States Government. This means members’ money is safe at Connex Credit Union.  Connex Credit Union can and will continue lending, offering a safe place for member savings and offering the many additional services we extend to members.

It is also important for you to know that the action proposed by NCUA does not involve taxpayer dollars. This is somewhat unique in today’s environment. Credit unions themselves are directly enhancing the safety of the national credit union system without taxpayer dollars. This is impressive and serves as yet another example of why credit unions are a secure place for your hard-earned money.

Please feel free to share this information with any member who may have questions about the news stories and spread the word on our safety and soundness.

Sincerely,

John Edwards
President and CEO