March 2, 2009, Alexandria, Va. – The National Credit Union Administration’s Voluntary Temporary Corporate Credit Union Share Program (TCCUSGP) began March 1, 2009. Only those corporates listed below are participating in the voluntary guarantee program. The TCCUGSP was approved by the NCUA Board January 28, 2009 and consisted of a temporary guarantee by the National Credit Union Share Insurance Fund (NCUSIF) of all shares (excluding paid-in-capital and membership capital accounts) at all corporate credit unions. The voluntary guarantee is effective March 1, 2009, expires December 31, 2010 and only encompasses participating corporates.
The guarantee provides members who have NCUSIF-insured share accounts at corporates with excess coverage above the NCUSIF insurance limits. The NCUSIF guarantee applies to all share amounts above $250,000, and the NCUSIF insurance coverage applies to all share amounts below $250,000. The net effect is that during the period of the guarantee, the entire share account will be treated by the NCUSIF as if it was insured.
Corporate credit unions participating in the voluntary TCCUSGP are:
Central Corporate Credit Union
Constitution Corporate Federal Credit Union
Corporate America Credit Union
Corporate Central Credit Union
Corporate One Federal Credit Union
First Corporate Credit Union
Georgia Central Credit Union
Kansas Corporate Credit Union
Kentucky Corporate Federal Credit Union
Louisiana Corporate Credit Union
Members United Corporate Federal Credit Union
Mid-Atlantic Corporate Federal Credit Union
Missouri Corporate Credit Union
Southeast Corporate Federal Credit Union
Southwest Corporate Federal Credit Union
SunCorp Credit Union
Treasure State Corporate Credit Union
Tricorp Federal Credit Union
U.S. Central Federal Credit Union
VACORP Federal Credit Union
Volunteer Corporate Credit Union
West Virginia Corporate Credit Union
Western Corporate Federal Credit Union
This guarantee is separate from the temporary corporate credit union liquidity guarantee program announced on October 16, 2008.
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, also operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 89 million account holders in all federal credit unions and the majority of state-chartered credit unions.
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