A Credit Union Built on Trust
A message on the state of the industry and HLEFCU
Dear Members,
We realize that the recent news of three bank closures, Silicon Valley Bank, Silvergate, and Signature being reported has caused concern. These failed banks engaged in risky allocation of their assets that left them exposed without adequate capital. To alleviate your concerns about the current situation, we have put together this short message.
From the start, 86 years ago, Hawaii Law Enforcement Federal Credit Union’s (Credit Union) sole mission was to be good stewards of your hard-earned money. Today, we continue to take our fiduciary responsibility with the magnitude of concern that you, our Ohana, deserve. Decisions that we make, including, but not limited to, our products, services, investments, and diversification of assets are carefully considered. The Credit Union’s primary allocation of assets includes members’ loans and safe investments in the Federal government and its agencies.
Under the Board of Directors’ direction, our Credit Union continues to maintain a strong financial position, with a net worth of 12.92% as of month-end February 2023. For reference, our regulator, the National Credit Union Administration (NCUA), requires a minimum ratio of 7.00%, and credit unions of similar size have an average net worth ratio of 10.91%. Hawaii Law Enforcement Federal Credit Union is rated as “well-capitalized” by the NCUA. As a reminder, credit unions are a not-for-profit financial cooperative, focused on members’ financial success and security. All member deposits are protected by the National Credit Union Share Insurance Fund and insured to at least $250,000 per individual depositor. Credit union members have never lost a penny of insured savings at a federally insured credit union.
Thank you for your continued confidence in our Credit Union. We stand committed to ensuring the continued safety and soundness of this great organization. If you have any questions or concerns, please contact me direct at (808)447-2299.
With great respect and aloha,
Rene Matsuura, President/CEO
Serving Hawaii’s law enforcement community since 1937
Today, HLEFCU serves more than 14,000+ members across the Hawaiian islands. With over $214,000,000 in assets, HLEFCU is financially sound and remains a safe place for your money.
