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1 1 (May 21, 2001)

handle is hein.crs/crsahqd0001 and id is 1 raw text is: Order Code RS20920 May 21, 2001 Credit Union Deposit Insurance: Purpose, Management, and Policy Issues Pauline H. Smale Economic Analyst Government and Finance Division Summary Background The federal deposit insurance fund for federal credit unions and state-chartered institutions is managed by the National Credit Union Administration (NCUA), the federal regulator for credit unions. The NCUA is an independent agency governed by a three- member board. The board is responsible for chartering, supervising, and examining federal Congressional Research Service CRS Report for Congress Received through the CRS Web The federal deposit insurance fund for credit unions is the National Credit Union Share Insurance Fund (NCUSIF). The insurance fund is administered by the National Credit Union Administration (NCUA), the federal regulator for the credit union industry. Membership in the NCUSIF is mandatory for federal credit unions. The vast majority of state-chartered institutions are also federally insured. Funds deposited into accounts at credit unions are covered to $100,000, the same as provided by the Federal Deposit Insurance Corporation (FDIC) for banks and thrifts. To carry out its management responsibilities and protect the insurance fund, the NCUA has developed procedures to evaluate the financial condition of federally insured institutions. The agency has established policies to resolve troubled credit unions and to close failed institutions. In addition, the NCUA monitors the adequacy of NCUSIF reserves as a standard measure of the fund's health. The 107th Congress has shown an interest in examining various issues surrounding federal deposit insurance. A key concern is maintaining a balance between providing the benefits of deposit insurance and promoting sound management practices at banks, thrifts, and credit unions. Current legislative proposals to raise the $100,000 coverage at banks are of interest to credit unions because any increase in the level of coverage would probably be extended to credit unions. This report will be updated to reflect legislative developments. The Library of Congress

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