ALEXANDRIA, Va.(8/15/08)—“Share Insurance 101”: The National Credit Union Administration (NCUA) Thursday announced its plans to offer a webinar of that name this Fall to provide credit unions with more information regarding share insurance protection. Date, time and other details of the informational session as they become available, the agency said in a release. The NCUA issued a letter to credit unions noting the webinar and highlighting resources available to educate members about the benefits of share insurance coverage offered by federally insured credit unions. In July, the federal regulator issued a media release confirming the secure position of the National Credit Union Share Insurance Fund (NCUSIF), and at its July open board meeting the NCUA’s chief financial officer announced that the NCUSIF has a record reserve level. The NCUSIF, which protects members against loss should a federally insured credit union fail, has an equity level of 1.24% and is expected by the agency to end the year at 1.28%. The NCUA points out that no member has ever lost a penny of federally insured funds held in a credit union. In its letter, the NCUA encourages credit unions to help educate their members about insurance protection and how members can structure their accounts to maximize share insurance coverage. The agency offers resources online to help, such as:
* Share Insurance Estimator, which allows members to estimate their amount of insurance coverage; * “How Your Accounts Are Federally Insured” brochure, which provides general information regarding share insurance coverage; * “Your Insured Funds” brochure, which provides detailed explanation of share insurance coverage and offers coverage examples; and * The “NCUA Increases Retirement Insurance Coverage” bulletin, explaining the separate coverage provided for certain retirement accounts.
The Credit Union National Association (CUNA) and the leagues also are working on behalf of credit unions to reassure their members about the safety of their deposits in the credit unions system and about the soundness of that system despite today's upheavals. For instance, CUNA recently distributed to each member credit union a special edition of Credit Union NewsWatch
that encapsulates the many CUNA resources newly designed to help credit unions and their staffs address the public's questions and concerns about the safety of their money in trying economic times. The issue features a two-page "Primer on Share Insurance Coverage for Individual Credit Union Members," as well as a two-page spread on operational questions affecting share insurance coverage, geared toward credit union compliance staff. Also included in the special edition are:
* CUNA, Leagues Help CUs Spread Good News of Safety, Soundness; * NCUSIF Strong at Mid-Year, Says NCUA; and * CUNA, Leagues Get Word Out About CU Soundness.
CUNA members may use the resource link below to access the special CUNA resource. Also, see below for resource link to NCUA information.