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National Credit Union Share Insurance Fund
The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created
by Congress in 1970 to insure member's deposits in federally insured credit unions.
The insurance limit was temporarily increased from $100,000 to $250,000 per individual
depositor on October 3, 2008. Administered by the National Credit Union Administration,
the NCUSIF is backed by the "full faith and credit" of the U.S. Government.
How the Fund is Financed
The NCUSIF maintains at or near 1.30 percent of federally insured credit union deposits.
By law, federally insured credit unions maintain 1 percent of their deposits in
the NCUSIF and the NCUA Board can levy
a premium if necessary. Credit unions voluntarily capitalized the Fund in 1985 by
depositing 1 percent of their deposits into the Fund. Since then, the NCUA
Board has charged only one premium, when three large New England credit
unions failed in 1992 substantially increasing insurance losses. No federal tax
dollars have ever been placed in the credit union financial Fund, and no member
has ever lost money insured by the NCUSIF.