Effective February 1st Credit Union 1 (CU1) now has their shares Federally insured by the U.S. Government, joining 5,000+ Credit Unions insured by the National Credit Union Association (NCUA) across all 50 states in the country. CU1 does so by transitioning away from privately owned American Share Insurance (ASI) that insures 105 Credit Unions in 10 states across the country.
The National Credit Union Administration (NCUA) is the independent agency that administers the National Credit Union Share Insurance Fund (NCUSIF). Like the Federal Deposit Insurance Corporation (FDIC) that Federally ensures the banks across the country the NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government.
The NCUSIF insures member savings in federally insured credit unions, which account for about 98 percent of all credit unions in the United States. Deposits at all federal credit unions and the vast majority of state-chartered credit unions are covered by NCUSIF protection. Each Credit Union 1 member is insured for up to $250,000.
The change to federal insurance will not impact our daily operations. Your deposits have always been safely insured and will continue to be as we move from ASI to NCUA Deposit insurance for our shares.
Thank you for being a CU1 member