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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.
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.
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)