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371:
412:
In the event that the equity ratio of the fund falls below 1.20 percent, the
Federal Credit Union Act requires the NCUA Board to charge credit unions a premium or to develop and implement a restoration plan for the fund. The NCUA Board has discretion whether to charge a premium when the equity ratio
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The Share
Insurance Fund protects members' accounts in federally insured credit unions in the event of a credit union failure. The fund insures the balance of each members' account, dollar-for dollar, up to the standard maximum share insurance amount of $ 250,000. NCUA insurance covers all types of
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The Share
Insurance Fund is approximately $ 13 billion in total, made up of $ 2.8 billion in retained earnings and approximately $ 10 billion in contributed capital from credit unions. Contributed capital is the one percent of insured shares deposited by each federal credit union, as well as all
402:
federally insured, state-chartered credit unions. The
Federal Credit Union Act requires the NCUA Board to set a target equity ratio of at least 1.20 percent and no more than 1.50 percent of total insured deposits. It is NCUA Board policy that the normal operating equity ratio is 1.30 percent.
355:, an independent federal financial regulator. The Share Insurance Fund is funded completely by participating credit unions, and not one penny of insured savings has ever been lost by a member of a federally insured credit union. The Share Insurance Fund is backed by the
409:, with a portion of the earnings being used to fund NCUA's operations. NCUA gets about $ 200 million of its current budget from the Share Insurance Fund, with the remainder coming from operating fees charged to regulated credit unions.
398:(c)), creating the National Credit Union Administration as an independent federal financial regulator. Soon after, Congress established the National Credit Union Share Insurance Fund and made NCUA responsible for its administration.
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The Share
Insurance Fund also provides funding when a credit union is no longer able to continue operating, the credit union will be liquidated and the NCUSIF will pay member shares up to $ 250,000.
649:
503:
466:, NCUA's interactive site which allows users to input data to compute the amount of Share Insurance Fund coverage available under different account scenarios, and
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NCUA publishes a variety of resources for consumers to better understand insurance coverage on their deposits at federally insured credit unions, including:
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441:"Money market share" accounts, essentially high-interest share savings accounts (the name is similar to "money market funds" which are not insured).
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As of
December 2016, Share Insurance Fund insured an estimated $ 1 trillion in member shares in more than 5,800 federally insured credit unions.
499:
682:
319:
481:
572:
526:
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members at federally insured institutions in the United States. Created in 1970, the Share
Insurance Fund is administered by the
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YouTube series designed to educate depositors about the protection offered by the
National Credit Union Share Insurance Fund.
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177:
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NCUA has assessed a Share
Insurance Fund premium three times since the Fund was recapitalized in 1984: 1991, 2009 and 2010.
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57:
52:
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77:
217:
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increased the amount of covered shares to $ 250,000 until the end of 2013. This increase was made permanent by the
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This sign, displayed at all insured credit unions, informs members that their savings are insured by the NCUA.
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deposits were insured for up to $ 100,000 per insured account, or $ 250,000 for certain retirement accounts.
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578:. National Credit Union Administration. May 2006. Archived from the original on 2008-03-07.
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447:(CDs), which generally require funds be kept in the account for a set period.
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Provides deposit insurance to protect the accounts of credit union members
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532:. Alexandria, VA: National Credit Union Administration. Archived from
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68:
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650:"Credit Union Failures and Insurance Fund Losses: 1971-2004"
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Cole, Robert (1970-11-15). "Insurance for Credit Unions".
527:"National Credit Union Administration Annual Report 2007"
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Dodd–Frank Wall Street Reform and
Consumer Protection Act
477:. Both publications are available in English and Spanish.
450:
Outstanding Cashier's Checks, Interest Checks, and other
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The majority of the fund is invested in United States
618:$ 250,000 Share Insurance Protection Extended to 2013
652:. Federal Reserve Bank of San Francisco. 2005-08-19.
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member shares received by a credit union including:
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that can be added to or withdrawn from at any time.
573:"NCUA Increases Retirement Insurance Coverage PDF"
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674:
602:CS1 maint: bot: original URL status unknown (
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500:Emergency Economic Stabilization Act of 2008
493:Federal Deposit Insurance Reform Act of 2005
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454:drawn on the accounts of the credit union.
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413:is between 1.20 percent and 1.30 percent.
378:In 1970, Congress approved, and President
341:National Credit Union Share Insurance Fund
327:
313:
369:
516:
471:How Your Accounts Are Federally Insured
688:Deposit insurance in the United States
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469:NCUA's share insurance publications
353:National Credit Union Administration
13:
683:Credit unions of the United States
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14:
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359:of the United States government.
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382:signed, Public Law 91-206 (see
366:Funding, premiums and dividends
236:Electronic funds transfer (EFT)
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1:
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347:to protect the accounts of
185:National Credit Union Share
88:Federal savings association
10:
704:
432:(aka "checking accounts").
491:Since the passage of the
464:Share Insurance Estimator
178:Federal Deposit Insurance
300:United States portal
24:This article is part of
420:NCUSIF insured accounts
591:Cite journal requires
452:negotiable instruments
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163:Certificate of deposit
373:
357:full faith and credit
187:Insurance Fund (NCUA)
430:Share draft accounts
202:Payment and transfer
83:Federal savings bank
634:. pp. 335 (b).
498:The passage of the
407:treasury securities
559:The New York Times
475:Your Insured Funds
445:Share certificates
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180:Corporation (FDIC)
345:deposit insurance
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336:
282:
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193:
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171:Account insurance
41:
695:
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666:Official website
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262:Substitute check
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136:Deposit accounts
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70:Banking charters
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643:Further reading
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58:Monetary policy
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658:External links
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593:|journal=
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40:Banking in the
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539:on 2009-08-29
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541:. Retrieved
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349:credit union
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275:Bill payment
223:Check 21 Act
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153:Money-market
78:Credit union
22:
270:ACH Network
121:Credit card
677:Categories
632:"H.R 4173"
543:2009-08-08
510:References
482:three-part
252:Debit card
101:State bank
53:Regulation
384:12 U.S.C.
343:provides
247:ATM card
218:clearing
148:Checking
27:a series
158:Savings
114:Lending
576:(PDF)
537:(PDF)
530:(PDF)
213:Check
604:link
597:help
473:and
462:The
396:1790
390:1781
339:The
679::
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586:}}
582:{{
518:^
480:A
387:§§
30:on
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392:–
328:e
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