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November 24, 2009 - The National Credit Union Administration (NCUA) announced that its Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP) is extended to March 31, 2012 from December 31, 2011.
The NCUA stated that with the extension, new investments with maturities of two years or less in participating corporate credit unions made before March 31, 2010, will be fully covered by the guarantee program. This is in addition to the existing deposits already covered.
The TCCUSGP began March 1, 2009. The guarantee provides members who have NCUSIF-insured share accounts at corporates with excess coverage above the National Credit Union Share Insurance Fund (NCUSIF) insurance limits. The NCUSIF guarantee applies to all share amounts above $250,000, and the NCUSIF insurance coverage applies to all share amounts below $250,000. The net effect is that during the period of the guarantee, the entire share account will be treated by the NCUSIF as if it was insured.
To read more from NCUA, follow this link to the agency’s website.
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