What is the NCUSIF?
National Credit Union Share Insurance Fund
Who is required to be insured by the NCUSIF?
All federal credit unions and most state credit unions
What is the purpose of the NCUSIF?
If a credit union is liquidated, the NCUSIF takes over the credit union’s assets and liabilities and pays out to credit union members the insured funds in their accounts.
What 5 things must a credit union do to maintain NCUSIF coverage?
1) Continually meet NCUA’s insurability criteria; 2) Notify members of their NCUSIF coverage; 3) Display the official NCUSIF sign; 4) Comply with NCUA’s advertising requirements; and 5) Maintain a
deposit of 1% of insured shares with the NCUSIF.