The National Credit Union Share Insurance Fund (NCUSIF) was established
by Congress in October 1970 for the purpose of insuring share deposits in
member credit unions. Unlike the Federal Deposit Insurance Corporation
(FDIC), the NCUSIF was launched without the benefit of appropriated or tax-
payer monies. The Fund, an arm of NCUA, is managed under the direction of
the three-person NCUA Board, and is audited annually by an independent
accounting firm. Share deposits in federally insured credit unions are insured up
to $100,000,an amount equal to the insurance protection offered by the FDIC.
Generally, if a credit union member has more than one account in the same
insured credit union, those accounts are added together and insured up to
at least $100,000 and backed by the full faith and credit of the United States Government.
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