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NCUA "Your Insured Funds" Update May 20, 2009
The Helping Families Save Their Homes Act of 2009, signed into law on May 20, 2009, continued an increased level of insurance coverage on all accounts of up to $250,000 through December 31, 2013. See update
****** In 1985, all federally insured credit unions capitalized the Share Insurance Fund and continue to do so today maintaining 1% of their insured assets on deposit with the National Credit Union Administration (NCUA). A history of credit unions is available on the NCUA Website as well as more information on NCUA.IMPORTANT NOTICE
MPECU was examined by the MN Department of Commerce's Banking Division in early 2007 earning another Camel 1 rating…our 17th.Operational factors that are rated during these audits are capital, asset quality, management, earnings and liquidity. To quote our report: "A Camel 1 rating indicates strong performance that consistently provides for safe and sound operations. Historical trends and projections for key performance measures are consistently positive. Credit unions in this group are resistant to external economic and financial disturbance and capable of withstanding the unexpected action of business condition more ably than credit unions with lower composite rating. Such institutions give no cause for supervisory concern."
MPECU is well-capitalized, sitting at about an 18% capital to assets ratio as of the end of September, 2008. A conservative investor of members' money, MPECU has little or no exposure to the sub-prime mortgage market in either our regular member mortgage loans or outside investments. Loan losses are minimal so far this year and we are maintaining our income as budgeted. MPECU’s financial statements are published each month for members’ review.