| Title: | DCU |
| Notice: | 1996 BoD Election results in 1004 |
| Moderator: | CPEEDY::BRADLEY |
| Created: | Sat Feb 07 1987 |
| Last Modified: | Fri Jun 06 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1041 |
| Total number of notes: | 18759 |
I don't recall seeing this in here...or an appropriate place for it.
From Live Wire...
U.S. News LIVE WIRE
Important information for DCU members
[Ed. Note: The following information was prepared to answer questions
that Digital Credit Union members may have in light of the closing of
45 savings banks and credit unions in Rhode Island on 01-January.]
Q. How are deposits at Digital Credit Union insured?
All deposits at Digital Employees' Federal Credit Union are federally
insured, up to $100,000 per account, by the National Credit Union
Administration. The National Credit Union Share Insurance Fund (NCUSIF)
insures 8,800 federal credit unions and 4,550 state-chartered credit
unions. It is widely regarded as the strongest of the federal deposit
insurance funds.
Each year, federally insured credit unions adjust their contribution to
the fund to reflect their insured shares. So, as savings grow, the fund
grows to protect them.
Q. What is happening in Rhode Island?
The Rhode Island Share and Deposit Indemnity Corp. (RISDIC), a privately
operated deposit insurance fund which insured savings in 45 financial
institutions -- including 35 credit unions, put itself out of business
December 31, 1990 by voting itself into conservatorship. Last November,
the collapse of a Rhode Island bank insured by RISDIC drained half the
assets of the fund.
The 35 credit unions in the state had their doors closed temporarily
January 1, 1991, because they may not operate without share insurance
coverage. These credit unions have applied for federal share insurance
under NCUSIF, and it is expected that many of them will eventually
qualify for federal share insurance.
If you have questions regarding this issue, please call Mary Madden at
DTN 223-6735 x207, or (508) 493-6735, x207.
| T.R | Title | User | Personal Name | Date | Lines |
|---|---|---|---|---|---|
| 232.1 | Who has cognizance here? | THEWAV::PFLUEGER | Tangled up in blues... | Fri Jan 04 1991 15:31 | 7 |
I've got a question on how this insurance 'thing' works...
If a CU has it's funds (the sum of it's members, that is) on deposit
with a bank, and that bank should go "belly-up", is it the FDIC or
NCUSIF's responsibility to cover the credit unions funds in said account??
-Jp
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| 232.2 | Official DCU Response | MOOV02::LEEBER | Carl MOO-1(ACO/E37) 297-3957(232-2535), U WANT MODELS? | Thu Jan 24 1991 09:57 | 27 |
This is an official response by Mary Madden of the DCU. The portion of
that response, dated 22-JAN-1991, that applies to this note topic is
included below. See note 2.22 for more information.
Your comments on this response should be posted here or directed to
to DCU directly at Mary Madden's number (dtn) 223-6735 x207.
Carl Leeber
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Response to 232.1
DCU currently invests in the follwing areas:
- loans to other members
- in overnight federal funds with commercial banks that
are rated outstanding
Each DCU account is insured for up to $100,000 by the
National Credit Union Share Insurance Fund (NCUSIF), an
agency of the federal government. Individual Retirement
Accounts (IRA) are insured separately for up to $100,000
by the NCUSIF.
If you have additional questions, please contact DCU's
communications department at DTN/223-6735, ext.207,
ext.239 or 508/493-6735, ext. 207, ext. 239.
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