National Credit Union Share Insurance Fund
The National Credit Union Share Insurance Fund (NCUSIF) is administered by the National Credit Union Administration (NCUA) for the purpose of providing deposit insurance to protect deposits of credit union members at insured institutions in the United States. It was created in 1970 shortly after the creation of the NCUA as an independent regulator of credit unions. The NCUSIF is funded completely by participating credit unions, and no taxpayer dollars have ever been used to bail out a credit union. The NCUSIF is backed by the full faith and credit of the United States government.
As of 31 December 2007 the fund had a balance of $7.3 billion and insured nearly 87 million accounts at 5,036 federal credit unions and 3,065 state-chartered credit unions.
Read more about National Credit Union Share Insurance Fund: Funding, Premiums and Dividends, NCUSIF Insured Accounts
Famous quotes containing the words national, credit, union, share, insurance and/or fund:
“We are constantly thinking of the great war ... which saved the Union ... but it was a war that did a great deal more than that. It created in this country what had never existed before—a national consciousness. It was not the salvation of the Union, it was the rebirth of the Union.”
—Woodrow Wilson (1856–1924)
“In a secular age, an authentic miracle must purport to be a hoax, in order to gain credit in the world.”
—Angela Carter (1940–1992)
“The union of hands and hearts.”
—Jeremy Taylor (1613–1667)
“I love this child. Red-haired—patient and gentle like her mother—fey and funny like her father. When she giggles I can hear him when he and I were young. I am part of this child. It may be only because we share genes and that therefore smell familiar to each other. . . . It may be that a part of me lives in her in some important way. . . . But for now, it’s jelly beans and “Old MacDonald” that unite us.”
—Robert Fulghum (20th century)
“Before I get through with you, you will have a clear case for divorce and so will my wife. Now, the first thing to do is arrange for a settlement. You take the children, your husband takes the house, Junior burns down the house, you take the insurance and I take you!”
—S.J. Perelman, U.S. screenwriter, Arthur Sheekman, Will Johnstone, and Norman Z. McLeod. Groucho Marx, Monkey Business, terms for a divorce settlement proposed while trying to woo Lucille Briggs (Thelma Todd)
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (1833–1901)