WASHINGTON — NCUA Chairman Michael E. Fryzel today gave all federally insured credit unions a list of resources to help them reassure members about the safety of their deposits.
"During these uncertain times in the financial markets, it is important for credit unions to help members understand their NCUA-insured shares are backed by the full faith and credit of the United States government," he wrote in a letter sent to boards of directors of all federally insured credit unions.
He mentioned the resources available on the agency's Web site, including a share insurance estimator, a general description of the share insurance program, and a detailed explanation of the program, including examples of account coverage.
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The agency will host a Webinar on its share insurance program in the fall.
National Credit Union Share Insurance Fund (NCUSIF), which protects members against loss should a federally insured credit union fail, has an equity level of 1.24 percent and is expected to end the year at 1.28 percent.
For additional information go to: http://www.ncua.gov/ShareInsurance/index.htm,
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