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:
“Children’s lives are not shaped solely by their families or immediate surroundings at large. That is why we must avoid the false dichotomy that says only government or only family is responsible. . . . Personal values and national policies must both play a role.”
—Hillary Rodham Clinton (20th century)
“Laws remain in credit not because they are just, but because they are laws. That is the mystic foundation of their authority; they have no other.”
—Michel de Montaigne (1533–1592)
“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)
“The media no longer ask those who know something ... to share that knowledge with the public. Instead they ask those who know nothing to represent the ignorance of the public and, in so doing, to legitimate it.”
—Serge Daney (1944–1992)
“The Republican convention, an event with the intellectual content of a Guns’n’Roses lyric attended by every ofay insurance broker in America who owns a pair of white shoes.”
—P.J. (Patrick Jake)
“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)