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Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
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The NCUA protects the safety and soundness of the credit union system by identifying, monitoring and reducing risks to the National Credit Union Share Insurance Fund. Backed by the full faith and credit of the United States, the Share Insurance Fund provides up to $250,000 of federal share insurance to millions of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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Corporate Nonmember Deposits

96-0731 / July 1996

Corporate Nonmember Deposits

Subject

Share Insurance

Historic Status

Non-historic

July 22, 1996

Randy Ingram
Southwest Corporate Federal Credit Union
P.O. Box 655147
Dallas, Texas 75265-5147

Re: Corporate Nonmember Deposits (Your July 18, 1996, "E-Mail")

Dear Mr. Ingram:

Your mail to our internet address asks whether your corporate can deposit funds into one of your member's credit unions and whether that deposit is insured. The corporate is not a member of this credit union. The member credit union does not have a "low-income" designation which would allow it to accept insured nonmember deposits.

The Federal Credit Union (FCU) Act allows FCUs to receive payments on accounts from other credit unions. 12 U.S.C. §1757(6). NCUA's share insurance regulations define member accounts to include "those nonmembers permitted under the [FCU] Act to maintain accounts in an insured credit union, including nonmember credit unions . . .." 12 C.F.R. §745.1(b). If properly maintained, the corporate's account up to the current $100,000 limit.

Sincerely,

Richard S. Schulman
Associate General Counsel

GC/RSS:bhs
SSIC 3000
96-0731

Last modified on

11/14/24