The NCUA is providing the enclosed brochure for your use in assuring your members that the National Credit Union Share Insurance Fund’s (NCUSIF) coverage of federally insured credit unions continues before and after the century date change. Credit union members need to be assured their deposits will remain insured after the Year 2000 Date Change. The Year 2000 Date Change will not affect the deposit insurance coverage of federally insured credit unions.
In particular, the brochure:
- Emphasizes that the NCUSIF protects member shares up to $100,000 against loss due to the failure of a federally-insured credit union for any reason, including the Year 2000 Date Change;
- Indicates NCUA has performed special Year 2000 assessments on federally insured credit unions, and will continue to monitor credit unions’ Year 2000 readiness efforts; and
- Refers credit union members to their individual credit unions for up-to-date information concerning the credit union’s efforts for the Year 2000 Date Change.
Procedures for Obtaining Copies of the Brochure:
Credit unions may make copies of the enclosed Year 2000 Federal Insurance Brochure to distribute to their members. NCUA does not intend to distribute mass copies of the brochure to credit unions.
Obtaining an Electronic Copy of the Brochure:
Credit unions may also download the Year 2000 Federal Insurance Brochure from the NCUA’s Internet website, and mass produce copies of the brochure, providing no changes are made to its contents, language or otherwise. The brochure is located at: http://www.ncua.gov/ (select Year 2000, The Year 2000 Federal Insurance Brochure).
I also want to remind you to ensure that your credit union has an ample supply of “Your Insured Funds” booklet (NCUA 8046), which describes the insurance coverage provided by the NCUSIF in detail. This booklet is also available on NCUA’s website (http://www.ncua.gov/ref/), or can be ordered in quantity through our Office of Administration at a cost of $14.00 per 50 booklets.
If you have any questions, please contact your examiner, NCUA regional office, or state supervisory authority, in the case of state chartered credit unions.
Norman E. D’Amours
Chairman, NCUA Board