Below are excerpts from a letter dated Sept. 30 written by Edward Yingling, president/CEO of the American Bankers Association, to NCUA Chairman Michael Fryzel.
It was very disturbing to learn that Resource One Credit Union in Texas is running an advertisement "What is safer than money in the bank?" which unwisely raises fears about the stability of the banking system and the Federal Deposit Insurance Corp.
Beyond being untrue, such an ad can have only one result: without boosting confidence in credit unions, it will serve to undermine confident in all insured depository institutions.
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