NCUA's Johnson: NCUSIF strong at mid-year
NCUA Chairman JoAnn Johnson yesterday issued a statement on the mid-year assessment of the National Credit Union Share Insurance Fund (NCUSIF) 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 1.285 by yearend.
With reports of customers lining up at California’s IndyMac bank to withdraw their funds after the FDIC took control of the bank this weekend and consumer confidence in the banking industry sliding downward, credit unions should continue to remind members that their deposit accounts our safe. NCUA’s brochure, How Your Accounts are Insured, explains the NCUSIF coverage for members. The brochure is available at www.ncua.gov.