Here’s all I know. It’s from a Credit Union Times article about TDECU’s “Safe & Sound” website:

FDIC General Counsel Sara A. Kelsey has written a letter of concern about the campaign to both the NCUA and the Texas Credit Union Commissioner.

“I am writing to express the FDIC’s concern about misleading statements regarding the banking industry that Texas Dow Employees Credit Union has posted on its Web site and run in radio, television and newspaper advertisements,” Kelsey wrote in the letter. “The Web page begins by saying ‘The news is scary,’ then talks about the ‘crisis’ in the financial services industry and goes on to say that ‘The entire banking and mortgage industry is under a dark cloud.’ In contrast, the Web page explains that TDECU does not get into the kind of trouble the banking and mortgage industry is in. Therefore, according to the Web page ‘deposits with TDECU are safe. And sound.’ The clear implication from this statement is that deposits with banks are not safe and sound.”

She added that “by casting aspersions on the health of the banking industry and implying that bank deposits are not safe and sound, TDECU has made irresponsible and misleading statement that could generate unwarranted public anxiety. Such statements may violate both federal and state laws, including the Federal Trade Commission Act and Texas deceptive trade practices laws.”

Surprisingly, Texas Credit Union Commissioner Harold Feeney agreed with the complaint. TDECU has to pull its Safe & Sound site down (although you can still access a garbled version of it via a cached Google result).