Dispite the resent news that three corporate credit unions have been placed into conservatorship by the National Credit Union Association (NCUA), Sound is financially strong.
Sound Remains Strong
On Friday, September 24, the National Credit Union Administration (NCUA) assumed control of three corporate credit Unions, Members United Corporate Federal Credit Union of Warrenville, Illinois; Southwest Corporate Federal Credit Union of Plano, Texas; and Constitution Corporate Federal Credit Union of Wallingford, Connecticut.
Rather then working with members like you, corporate credit unions like the ones listed above, invest money for consumer credit unions and provide them with check clearing and other services, much like what the federal reserve would do for Banks.
Sound Credit Union remains financially healthy with high earning levels and excellent financials.These recent actions by the NCUA have no affect on Sound Credit Union and our ability to provide you with the level of service you've come to expect from us.
| President's Message | |
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Sound Credit Union Remains Strong Dispite the resent news that three corporate credit unions have been placed into conservatorship by the National Credit Union Association (NCUA), Sound is financially strong. |
| Annual Reports | |
 2009 Annual Report |
2008 Annual Report |
| 2007 Annual Report |
2006 Annual Report |
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| Governing Bodies |
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NCUA (National Credit Union Administration) The National Credit Union Administration, commonly referred to as NCUA, is the federal government agency that charters and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the U.S. government, NCUSIF insures the accounts of millions of account holders in all federal credit unions and the vast majority of state-chartered credit unions. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). Have questions about the insurance coverage provided by NCUA? Call them, toll-free, at 800.755.1030, extension 1, from 8 a.m. to 6:30 p.m. (ET) Monday through Friday. Washington State Department of Financial Institutions (DFI)The Department of Financial Institutions (DFI) regulates and examines a variety of state chartered financial services, as well as offers information to help protect consumers. If you would like to contact the DFI, you can reach them at 360 902-8700 or 1-877-RING DFI (746-4334) during DFI's normal business hours (8am-5pm PST, M-F). |