Letter from the CEO:
As we wrap up 2009, I would like to take a look back before looking towards 2010. 2009 was a challenging year for all Americans. I’ve heard it said that “It’s a recession if your neighbor loses their job – it’s a depression if you lose yours.” 2009 was a depression for roughly 18% of working folk in the Northwest. While unemployment is around 11%, true unemployment is closer to 18% when you add in those who are underemployed and those who have given up looking. That is close to 1 in 5 who lost their job last year. At Pacific NW Federal Credit Union, we have worked with members to help alleviate the financial strain caused by job loss, reduced hours and reduced pay. In 2009, we directly helped 213 members stay in their houses, keep their cars and stay out of default on their loans. Despite this, 2009 has been a year of record loan losses. The board and management are aggressively managing our losses and are successful in keeping the credit union in a stable position.
2010 looks to be as challenging as 2009. The jobless recovery is not
a recovery until our members are back to work. We have planned for another
rough year and are able to stay the course and continue to help our
members through these difficult times. Credit unions were founded during
the Great Depression and Pacific NW
Federal Credit Union will continue to serve our members though this
“Great Recession.”
Thomas E. Griffith, CMA
Chief Executive Officer
Your Insured Funds
Not only is our credit union sound and stable, every credit union in Oregon is federally insured by a fund that is backed by the full faith and credit of the U.S. government. Congress recently passed the Helping Families Save Their Homes Act of 2009, which includes a provision extending the $250,000 National Credit Union Share Insurance Fund (NCUSIF) coverage through December 31, 2013.
Some examples of account insurance coverage include:
- Individual accounts: Deposit accounts (other than IRA accounts) owned by one individual are combined and insured to $250,000.
- Joint accounts: Accounts with two or more owners are combined and insured to $250,000 for each joint owner.
- IRAs: IRA accounts are combined (Roth and Traditional) and insured to $250,000.
To review NCUA's brochure on additional account coverage, click here. You can also use their online Share Insurance Estimator. Click here to watch a commercial that explains how your funds are safe with federally-insured credit unions. The NCUA now also has a call center available to answer insurance questions between 8 a.m. and 6 p.m. (EDT), Monday - Friday. To reach them, call 1-800-755-1030, extension 1.
