Suze Orman on Today: Deposits with CUs are fine

NEW YORK (10/1/08)--TV Personality and Federal Deposit Insurance Corp. (FDIC) spokesperson Suze Orman has taken note of the Credit Union National Association's (CUNA's) reminder that credit unions have federal insurance backed by the full faith and credit of the U.S. government.

During a broadcast about the rescue bailout of the financial industry Monday on CNBC's Today Show, Orman twice noted that credit unions are insured by federal insurance, which is backed by the full faith and credit of the U.S. government.

"If funds are insured by FDIC, if your money is in a credit union and it's insured, if it's in Treasuries, then you're fine," Orman said. She reemphasized later that credit unions are insured by the National Credit Union Administration.

Orman also featured an item on her website about credit union insurance after CUNA informed her last week that credit unions have federal insurance just as good as the FDCI.

During an appearance last week on The Oprah Winfrey Show," Orman told consumers to make sure their institution was insured by the FDIC but failed to mention NCUA's insurance fund for credit unions, the National Credit Union Share Insurance Fund.

courtesy of cuna.org