In another effort to assure nervous consumers about the safety of their financial institutions, the NCUA today sent credit unions a letter members explaining to members the agency's corporate credit union stabilization plan, which will likely result in levying a premium to bolster the NCUSIF.
"These actions resulted in all federally insured credit unions being required to write-off a portion of their deposit in the National Credit Union Share Insurance Fund (NCUSIF), and the assessment of a premium in order to maintain a robust and strong federal insurance fund for credit union members," the agency wrote. "Your credit union has information available that will clearly detail the impact that the insurance assessment may have had on your credit union's earnings. It will enable you, as a member-owner, to get a better picture of the financial condition of your credit union."
The letter also reiterated that credit union deposits are federally insured up to $250,000.
A copy of the letter, which credit unions can send to their members or post in their offices, can be found at: http://www.ncua.gov/CoporateStabilizationProgram/InformationalLetter.pdf.
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