Federal Share Insurance Rules And Coverage Flashcards
When a federally insured credit union is in trouble, what is the first step NCUA will take before liquidating the credit union?
NCUA’s first preference is to find a merger partner for a federally insured credit union experiencing problems
Federally insured credit unions are required to maintain a deposit with the NCUSIF. The deposit must equal______percent of the credit union’s insured shares
One percent
When a credit union is insured by the National Credit Union Share Insurance Fund (NCUSIF), NCUA requires the credit union to make that fact known to its members. One of the requirements is to have the official advertisement statement in marketing pieces. What are the other two requirements?
The credit union provide copies of the NCUA brochure Your Insured Funds at each branch office and display the NCUSIF official sign at each teller station in the main office and at each branch office
The following accounts are held by members A, B, and C each of whom has personally executed signature cards for the accounts in which he has an interest. Each co-owner of a joint account possesses the necessary withdrawal rights. What is the insurance coverage?
A, B, and C are each separately insured for $250,000.00
How does share insurance coverage for revocable trust accounts differ when the beneficiaries are natural persons, charitable organizations, or nonprofit entities, and when they are not?
When the beneficiaries are natural persons,, charitable organizations and nonprofit entities, the funds are insured for the owner up to 250,000 for each beneficiary separate from any individual accounts of the owner the interest of beneficiaries other than natural persons, charitable organizations or profit entities would be aggregated with the individually own funds of the grantor or owner
