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NCUA Insurance
The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions throughout the United States and its territories.
NCUA administers the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the United States government, the NCUSIF insures the member accounts in all federal credit unions and the substantial majority of state-chartered credit unions.
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.
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