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FAQs about changes in the financial markets
Are my bank or credit union deposits safe?
Yes. Banks have federal deposit insurance through the Federal Deposit Insurance Corporation (FDIC), and credit unions have insurance through the National Credit Union Administration (NCUA). Insurance coverage for both bank and credit union depositors is $250,000. This extension was made permanent by the federal financial reform bill.
Is my insurance policy safe?
Yes. The Oregon Insurance Division monitors insurance companies to ensure they are financially sound and can pay claims. Even in the rare event of an insurer insolvency, Oregon has guaranty funds that pay policyholders’ claims up to certain limitations.
What happens if my brokerage firm closes?
Your assets are covered up to certain limitations by the Securities Investor Protection Corporation (SIPC). SIPC does not cover losses, however, due to changes in securities values, or if the company an investor owns stock in goes out of business. Federal securities laws provide many other protections to safeguard investor assets if a brokerage firm fails financially.
Should I make changes to my investments or retirement accounts?
The Division of Finance and Corporate Securities cautions investors about making uninformed or hasty decisions about their investments. Be particularly wary of unsolicited financial advice or investment opportunities and check out the credentials of any salesperson offering advice or products by calling the division at 866-814-9710.
What if I cannot make my monthly mortgage payments?
Oregon homeowners who are having trouble making their mortgage payments or facing foreclosure can call 1-800-SAFENET or go to http://www.211info.org to find a free counselor to help them. Homeowners may qualify for the federal government’s Making Home Affordable program, which provides new refinancing and loan modifications options. A counselor can help homeowners participate in the Making Home Affordable program, or homeowners can click on the link below to see if they qualify.
How should I make sure my mortgage payments are properly credited?
Know who is handling your payments and how they are crediting your account. The following resources provide information on mortgage servicers.
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