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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.
Regulation & Supervision
Regulation & Supervision
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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The NCUA provides a number of support services to the credit union system, such as providing training, grants and loans, chartering, and field-of-membership services; maintaining the health and stability of Share Insurance Fund; managing the assets of failed credit unions; and providing emergency liquidity.
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Consumers
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Cybersecurity Resources
Cyberattacks and cybersecurity vulnerabilities pose significant risks to the financial system. Because of vulnerabilities within the credit union industry and the broader financial system to potential cyberattacks, cybersecurity is one of the NCUA’s top supervisory priorities and a top-tier risk under the agency’s enterprise risk-management program.

Termination of Life Savings Insurance

94-0124 / February 1994

Termination of Life Savings Insurance

Subject

Consumer Protection

Historic Status

Non-historic

February 2, 1994

Robert D. Teague
6013 N. 25th Road
Arlington, VA 22207

Re: Termination of Life Savings Insurance (Your Letter of January 15, 1995)

Dear Mr. Teague:

You requested an opinion regarding the termination of life savings insurance on your account at a federal credit union. While sympathetic to your problem, this is not a matter regulated by the NCUA. The issues involve matters of state contract law. We regret that we are unable to opine on matters of state law. For further information, we have enclosed two opinion letters responding to requests similar to yours. See Letter from Robert Fenner, NCUA General Counsel, to Hon. Tom Loeffler, Member, U.S. House of Representatives, dated April 1, 1986, and Letter from Todd A. Okun, NCUA Asst. General Counsel, to Joseph Engel, Pensacola, FL, dated February 22, 1984.

Sincerely,

Richard S. Schulman,
Acting Associate General Counsel

Enclosures

GC/MEC:sg
SSIC 4740
94-0124

Last modified on

11/14/24