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NCUA Insurance Estimator Updated, Reflects $250,000 Coverage

Alexandria, Va., October 20, 2008 – NCUA has placed an updated share insurance estimator on its website to provide members of insured credit unions an opportunity to estimate the amount of coverage the National Credit Union Share Insurance Fund now provides. The estimator, known as the Electronic Share Insurance Calculator (E-SIC), bases computations on the rules in effect as of October 3, 2008.

Developed by the Federal Deposit Insurance Corporation and adapted for credit union members, E-SIC is available online at http://webapps.ncua.gov/ins/. NCUA’s Share Insurance Tool Kit, found at http://www.ncua.gov/ShareInsurance/Index.htm, is also available to provide additional information about the recent changes to the rules affecting the coverage provided by the National Credit Union Share Insurance Fund.

E-SIC reflects both the NCUA Board’s recent simplification of the rules for revocable trusts and the passage of the “Emergency Economic Stabilization Act.”  If subsequent statutory or regulatory changes should occur, NCUA will update the E-SIC as quickly as possible.

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 nearly 89 million accounts in all federal credit unions and the overwhelming majority of state-chartered credit unions.

-NCUA-