"Your Insured Funds" NCUA brochure - North Island Credit Union
"Your Insured Funds" NCUA brochure - North Island Credit Union
"Your Insured Funds" NCUA brochure - North Island Credit Union
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OTHER FREQUENTLY ASKED<br />
QUESTIONS<br />
25. Can a federal credit union terminate its<br />
NCUSIF coverage<br />
No. A federal credit union cannot be chartered or<br />
retain its charter unless it is insured by the NCUSIF.<br />
26. Can a state credit union terminate its<br />
parcipaon in the NCUSIF<br />
Yes. A state-chartered credit union can terminate<br />
its NCUSIF coverage in some states, but it must<br />
obtain the approval of its members and <strong>NCUA</strong>.<br />
In other states, state-chartered credit unions are<br />
required to have federal insurance provided by<br />
the NCUSIF. <strong>NCUA</strong>’s share insurance is the only<br />
share insurance backed by the full faith and credit<br />
of the U.S. Government. When a state credit<br />
union converts its share insurance to another<br />
licensed share insurance program, NCUSIF<br />
coverage terminates upon conversion.<br />
If the state credit union does not provide for<br />
another share insurance program, NCUSIF<br />
coverage remains in effect for one year following<br />
the effecve date of terminaon, but coverage<br />
may be reduced depending upon account acvity<br />
during the one year period.<br />
27. What publicaons covering the operaons<br />
of the NCUSIF are available<br />
<strong>NCUA</strong> publishes an Annual Report which covers<br />
the operaons of the NCUSIF. This report is<br />
available on <strong>NCUA</strong>’s website. The report includes<br />
financial statements and an independent audit<br />
of the NCUSIF’s records. To learn more, visit<br />
ncua.gov.<br />
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