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Phone: 203-239-0346

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The Benefits of Federal Share Insurance for Credit Unions

The National Credit Union Share Insurance Fund (NCUSIF) is a U.S. Treasury revolving fund managed by the National Credit Union Administration (NCUA). Of the nearly 10,000 credit unions in the U.S., more than 97% are covered by the NCUSIF, which is backed by the full faith and credit of the U.S. Government.

Geographic Area. NCUSIF coverage is provided in all 50 states, Guam, Puerto Rico and the Virgin Islands. All federally-chartered credit unions regardless of location must be insured by the NCUSIF. Only eight states and Puerto Rico allow state-chartered credit unions to carry private primary share insurance.

U.S. Government Backing. The NCUSIF, with more than $5 billion in equity, is financially strong and uniquely positioned to insure the money credit union members have placed in federally-insured credit unions. In addition to its $5 billion equity, the NCUSIF is backed the full faith and credit of the U.S. Government. There is simply no stronger backing in the world.

Cost of Coverage. Insured credit unions mantain a deposit equal to one percent of their insured shares and deposits in the NCUSIF. The NCUSIF has paid $622 million in dividends on these deposity since 1995 to NCUSIF insured credit unions. It has not beed necessary to charge a premium since 1992.

Supervision. Federal credit unions are subject to NCUA supervision. State-chartered credit unions with NCUSIF coverage are subject to state supervision, but are also monitored by NCUA. This regular examination and supervision process helps ensure the safety and soundness of federally insured credit unions.

Insurance Coverage. The basic insured amount for a credit union member is $100,000. Share accounts maintained in differen rights or capacities, or forms of ownership, may each be separately insured for up to $100,000 with properly completed account applications




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