Cincinnati Central Credit Union Safety and Security

Safe and Sound

With everything that has been happening recently in the financial community, we at CCCU believe it is important to let you know how we are doing.  Below is information on the questions most frequently asked by members. If you have additional questions, please do not hesitate to ask them. Most importantly, you can be confident knowing that CCCU is financially healthy, strong, safe and sound.

How long has CCCU been around, and given the current issues with the economy, is CCCU in good shape?

Yes we are! There hasn't been a better time than now to be a member of CCCU. Cincinnati Central Credit Union has been serving the Greater Cincinnati community since 1937. We are a safe and sound cooperatively owned financial institution with net capital at 11.5%, which exceeds the regulatory definition of a well capitalized credit union at 7% capital. In addition to being financially safe and sound, we are also philosophically safe and sound, staying true to the credit union philosophy of operating in the best interest of our members and always looking for ways to help those in need in our community.

What is CCCU doing differently than other financial institutions to make it safer?

The crisis being faced within the financial industry is a result of the decision by some financial institutions to participate in sub-prime mortgage lending or invest in high risk mortgage backed securities. Being member owned and not-for-profit, our focus has always been on providing our members the best quality products and services rather than chasing large profits to pay investors.

Where can I go to learn more about CCCU and the products and services it provides members?

There are several ways to learn more about CCCU. Here on our website you can access and review our certified financial statement, CCCU history, credit union history and more. You can also stop in to one of our branch locations or call us at 513-241-2050 and 1-800-582-7536.

I have money in another financial institution and want to move it somewhere safer, why is CCCU a good place to put it?

In addition to our great products and services, member accounts at CCCU are insured up to $250,000 each through American Share Insurance (ASI). CCCU members can be confident their deposits are safe and sound while investing in CCCU's dedication to providing quality products and services, and meeting members legitimate borrowing needs.

ASI is a non-federal insurer, owned by credit unions. It maintains a unique perspective by working as a partner with CCCU to ensure that the best interests of you, the member are protected.

Through ASI's monitoring system, annual review process and business approach, we are able to structure the proper programs to meet the needs of our membership while operating within the confines of safety and soundness. To qualify for ASI insurance, we are required to meet strict underwriting standards and submit full financial statements and other relevant information monthly.
Additionally, ASI, state regulators, independent accountants and others subject us to regular, extensive field audits. Any variation from required standards become the focus of ASI's efforts to restore sound policies and operations.
Its exceptionally high ratio of insurance fund equity to member savings and its track record with respect to insuring losses, illustrate ASI's outstanding historical performance. No member has ever lost a cent in an ASI-insured credit union and its annual losses are the lowest of any broad-based deposit insurance fund in the nation.
If you would like additional information, please visit ASI's web site by clicking on the following:

www.americanshare.com

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