Safety & Soundness Information for Credit Unions

With news of another bank failure, MnCUN and CUNA offer the following to help your staff members address any questions they may encounter from members.  

• All Minnesota credit union deposits are federally insured by the National Credit Union Administration (NCUA) per individual up to $250,000, just as bank deposits are insured by the FDIC.
•  Minnesota Credit Unions want to reassure members their money is safe with a credit union.
•  The NCUA insurance that all of our members have is meant to provide consumers’ confidence during times of uncertainty.
• The National Credit Union Share Insurance Fund was created by Congress in 1970 to insure members' deposits in federally insured credit unions. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000.
• The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000.
• The Share Insurance Fund has the backing of the full faith and credit of the United States.
• Credit union members have never lost even a penny of insured savings at a federally insured credit union.
• 93% of deposits in Minnesota credit unions are insured.

Other Resources:

• In addition to federal insurance, many credit unions offer additional private or excess deposit insurance. Visit MyCreditUnion.gov for more information about the National Credit Union Share Insurance Fund coverage for consumers.  
• CUNA has created a resource page with talking points and social media post options that address safety and soundness concerns.