Number: RS22987
Title: National Credit Union Share Insurance Fund (NCUSIF): Credit Union Deposit Insurance
Authors: Pauline Smale, Government and Finance Division 
Abstract: The National Credit Union Share Insurance Fund (NCUSIF) is the federal deposit insurance fund for credit unions. This insurance fund is administered by the National Credit Union Administration (NCUA), an independent federal agency. Membership in the NCUSIF is mandatory for federal credit unions. The vast majority of state-chartered institutions are also federally insured. On October 3, 2008, the Emergency Economic Stabilization Act of 2008 (P.L. 110-343) temporarily increased the deposit insurance coverage for depository financial institutions insured by the NCUSIF and by the Federal Deposit Insurance Corporation (FDIC). The intent of this action was to bolster public confidence in financial institutions, which had been negatively affected by the turmoil in financial markets. The basic coverage limit was raised from $100,000 to $250,000 per depositor effective through December 31, 2009. The legislation did not change the coverage for retirement accounts, which remain separately insured up to $250,000. This report provides information on the structure and operations of the NCUSIF and the changes to the insurance coverage contained in P.L. 110-343.
Pages: 5
Date: November 19, 2008