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Washington
NCUSIF protection strong at mid-year says NCUA
ALEXANDRIA, Va. (7/15/08)–National Credit Union Administration (NCUA) Chairman JoAnn Johnson issued a state-of-the-National Credit Union Share Insurance Fund (NCUSIF) assessment Monday based on mid-year data and said the fund stands strong with an equity ratio estimated at 1.24% for June 30. Johnson reminded that member deposits in federal and almost all state-chartered credit unions are federally insured by the NCUSIF, which in turn is backed by the full faith and credit of the United States government. “Consumers who have federally insured funds in credit unions should rest assured that their deposits are safe up to at least $100,000 per account, with additional coverage of up to $250,000 for certain retirement accounts,” Johnson said. She added that the fund’s equity ratio is expected to increase to 1.28% by yearend. NCUA staff is scheduled to present mid-year NCUSIF results in more detail at the July 24 NCUA board meeting. “While there are isolated instances of credit unions encountering difficulties, on the whole the credit union industry is healthy,” Johnson assured. “The NCUSIF enters the second half of 2008 secure and well-capitalized.”


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