For Details, Contact NCUA Public & Congressional Affairs |
National Credit Union
Administration 1775 Duke Street Alexandria, VA 22314-3428 Fax: 703.518.6409 |
FOR IMMEDIATE RELEASE |
NCUA Highlights Insurance ProtectionWebinar on Insurance Protection Scheduled For FallAlexandria, Va., August 14, 2008 – The National Credit Union Administration (NCUA) NCUA has been emphasizing the security of federal insurance protection. In July, NCUA issued a media release confirming the secure position of the National Credit Union Share Insurance Fund (NCUSIF), and at the July NCUA Board meeting NCUA’s chief financial officer announced that the NCUSIF has a record reserve level. The NCUA Fund, which protects members against loss should a federally insured credit union fail, has an equity level of 1.24 percent and is expected to end the year at 1.28 percent. No member has ever lost a penny of federally insured funds held in a credit union. NCUA encourages credit unions to help educate their members about insurance protection and how members can structure their accounts to maximize share insurance coverage. The agency offers resources online to help educate members at http://www.ncua.gov/ShareInsurance/index.htm, including the following:
Credit unions can order copies of the brochures, in English and Spanish, online at http://www.ncua.gov/Publications/pub_avail/pub_avail.html. Member deposits in federal and most state-chartered credit unions are federally insured by the NCUA, through the NCUSIF. The NCUSIF is backed by the full-faith and credit of the United States government. Consumers who have federally insured funds in credit unions should rest assured their deposits are safe up to at least $100,000 per account, with additional coverage of up to $250,000 for certain retirement accounts. The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 87 million accounts in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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