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Simple English definitions for legal terms

National Credit Union Share Insurance Fund (NCUSIF)

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A quick definition of National Credit Union Share Insurance Fund (NCUSIF):

The National Credit Union Share Insurance Fund (NCUSIF) is a program that helps protect people's money if their credit union fails. It was created in 1970 and is run by the National Credit Union Administration (NCUA). The NCUSIF insures deposits made by credit union members, which means that if a credit union fails, the NCUSIF will pay back the insured deposits. The NCUSIF is funded by participating credit unions and provides insurance coverage for individual accounts, joint accounts, IRAs, KEOGHs, and trusts. It does not cover losses on investments in mutual funds, stocks, bonds, life insurance policies, or annuities. The NCUSIF is backed by the United States government and no member has ever lost money from accounts insured by the NCUSIF.

A more thorough explanation:

The National Credit Union Share Insurance Fund (NCUSIF) is a program created in 1970 by the National Credit Union Administration (NCUA) to protect members of federally insured credit unions against losses in case of a credit union failure. The NCUSIF is funded by participating credit unions and provides insurance coverage for deposits made by credit union members.

  • Insures individual member accounts up to $250,000 per individual depositor. This includes regular shares, share drafts, money market accounts, and share certificates.
  • Insures joint accounts and provides each joint account holder with $250,000 coverage for their aggregate interests at each federally insured credit union.
  • Provides separate insurance for traditional and Roth IRAs up to $250,000 in the aggregate at each credit union.
  • Provides separate insurance for KEOGH up to $250,000 in the aggregate at each credit union.
  • Provides separate insurance for revocable and irrevocable trusts. For revocable trusts, the coverage may be of up to $250,000 per beneficiary named by the owner. For irrevocable trusts, each beneficiary in an account may have separate coverage of up to $250,000.

These examples illustrate the different types of accounts and trusts that are covered by the NCUSIF and the maximum amount of insurance coverage provided for each type of account. The NCUSIF does not cover losses on money invested in mutual funds, stocks, bonds, life insurance policies, and annuities offered by affiliated entities.

The NCUSIF is backed by the full faith and credit of the United States government, which means that credit union members are guaranteed to receive their insured deposits in case of a credit union failure. According to the NCUA, no member has ever lost a penny from accounts insured by the NCUSIF.

National Credit Union Administration (NCUA) | National Federation of Independent Business v. Sebelius (2012)

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Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
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