Guarantees of Corporate Credit Union Shares
Date:
January 28, 2009
Who:
NCUA
Policy Area:
Financial Sector Policy
Economic Target:
Financial Institutions
Action Type:
Government Guarantee
Maximum Amount:
$80.00 billion Guarantee insures all assets in corporate credit union accounts that are above current $250,000 limit. Guarantee effective until Feb. 28, 2009; credit unions given option to renew guarantee until Dec. 31, 2010.
On 3/2/2009 a release from NCUA announced all of the voluntary participants in the program, including over 20 corporate credit unions.
On 4/21/2009 a release from NCUA announced that the guarantee program will end all final guarantees on 12/31/2014.
Notes:
Maximum amount indicates approximate total amount of deposits over insurance limit, as reported in the Wall Street Journal on 1/28/2009 (http://online.wsj.com/article/SB123318420520726249.html). Deficit impact unknown.