Corrections Federal Credit Union Members,
With the events surrounding the Silicon Valley Bank failure in news and social media headlines, we would like to remind the membership who CORFED is. We are a not-for-profit financial cooperative owned by the members to serve the members. CORFED only serves employees of the State of California and their families, and will always put Corrections employees financial needs and interests first. By doing this we guarantee you your money is safe with us. Being a not-for-profit institution, we do NOT seek loans or investments from innovative tech start-ups, entrepreneurs, and/or venture capital firms like Silicon Valley Bank. All deposits at the credit union are federally insured by the National Credit Union Insurance Fund (NCUA), a separate fund not associated with the Federal Deposit Insurance Corporation (FDIC) for banks. Credit Union deposits are insured for up to $250,000 per individual depositor. Credit union members have never lost a penny of insured savings at a federally insured credit union, and our industry’s deposit insurance fund has the backing of the full faith and credit of the U.S. government.
We operate and remain successful because of your membership and investments with us. CORFED remains a well-capitalized financial institution, maintaining equity reserves and liquid investments that prioritize needed safety and soundness for our members. Our loans are only for our members and to our members. We are not subject to big-profit pressures from investors and/or stockowners. Any profits made go directly back to YOU, in the form of high savings rates, lower fees, and lower loan rates.
Stay assured YOU are more than a member; YOU are a secured owner of Corrections Federal Credit Union. If you have any further questions, please reach out to us at the credit union directly.