National Credit Union Share Insurance Fund
The National Credit Union Share Insurance Fund provides deposit insurance to protect the accounts of credit union members at federally insured institutions in the United States. Created in 1970, the Share Insurance Fund is administered by the National Credit Union Administration, an independent federal financial regulator; the Share Insurance Fund is funded by participating credit unions, not one penny of insured savings has been lost by a member of a federally insured credit union. The Share Insurance Fund is backed by the full credit of the United States government; as of December 2016, Share Insurance Fund insured an estimated $1 trillion in member shares in more than 5,800 federally insured credit unions. In 1970, Congress approved, President Richard M. Nixon signed, Public Law 91-206, creating the National Credit Union Administration as an independent federal financial regulator. Soon after, Congress established the National Credit Union Share Insurance Fund and made NCUA responsible for its administration.
The Share Insurance Fund is $13 billion in total, made up of $2.8 billion in retained earnings and $10 billion in contributed capital from credit unions. Contributed capital is the one percent of insured shares deposited by each federal credit union, as well as all federally insured, state-chartered credit unions; the Federal Credit Union Act requires the NCUA Board to set a target equity ratio of at least 1.20 percent and no more than 1.50 percent of total insured deposits. It is NCUA Board policy; the majority of the fund is invested in United States treasury securities, with a portion of the earnings being used to fund NCUA’s operations. NCUA gets about $200 million of its current budget from the Share Insurance Fund, with the remainder coming from operating fees charged to regulated credit unions. In the event that the equity ratio of the fund falls below 1.20 percent, the Federal Credit Union Act requires the NCUA Board to charge credit unions a premium or to develop and implement a restoration plan for the fund.
The NCUA Board has discretion whether to charge a premium when the equity ratio is between 1.20 percent and 1.30 percent. NCUA has assessed a Share Insurance Fund premium three times since the Fund was recapitalized in 1984: 1991, 2009 and 2010; the Share Insurance Fund protects members’ accounts in federally insured credit unions in the event of a credit union failure. The fund insures the balance of each members’ account, dollar-for dollar, up to the standard maximum share insurance amount of $250,000. NCUA insurance covers all types of member shares received by a credit union including: Share draft accounts. Share savings that can be added to or withdrawn from at any time. "Money market share" accounts high-interest share savings accounts. Share certificates, which require funds be kept in the account for a set period. Outstanding Cashier's Checks, Interest Checks, other negotiable instruments drawn on the accounts of the credit union. NCUA publishes a variety of helpful resources for consumers to better understand insurance coverage on their deposits at federally insured credit unions, including: The Share Insurance Estimator, NCUA’s interactive site which allows users to input data to compute the amount of Share Insurance Fund coverage available under different account scenarios, NCUA’s share insurance publications How Your Accounts Are Federally Insured and Your Insured Funds.
Both publications are available in Spanish. A three-part YouTube series designed to educate depositors about the protection offered by the National Credit Union Share Insurance Fund; the Share Insurance Fund provides funding when a credit union is no longer able to continue operating, the credit union will be liquidated and the NCUSIF will pay member shares up to $250,000. Since the passage of the Federal Deposit Insurance Reform Act of 2005 deposits were insured for up to $100,000 per insured account, or $250,000 for certain retirement accounts; the passage of the Emergency Economic Stabilization Act of 2008 increased the amount of covered shares to $250,000 until the end of 2013. This increase was made permanent by the Dodd–Frank Wall Street Reform and Consumer Protection Act in July 2010. "Credit Union Failures and Insurance Fund Losses: 1971-2004". Federal Reserve Bank of San Francisco. 2005-08-19
Dublin is a city in Franklin and Union counties in the U. S. state of Ohio. The population was 41,751 at the 2010 census. Dublin is a suburb of Ohio; each year in late May or early June, the city hosts the Memorial Tournament, a stop on golf's PGA Tour. There are several other golf courses in Dublin; the Riviera Golf Club was home to the American-Italian Golf Association. Tartan Fields Golf Club hosted the LPGA's Wendy's Championship for Children from 2002 through 2006. Dublin has a public golf course financed by the Muirfield association, as well as the Jack Nicklaus-designed The Country Club of Muirfield Village. Other annual events include the July 4 music event and The July 4 Parade, a St. Patrick's Day parade, the Dublin Irish Festival, the largest 3-day Irish festival in the world. Although its earliest settlements date back to 1802, the village that became Dublin did not begin to take shape until the arrival of the Sells family from Huntingdon, Pennsylvania. Brothers Peter and Benjamin Sells purchased 400 acres of land on the west bank of the Scioto River as a gift for their brother John.
In 1808, John Sells brought his family to the region, by 1810 he had begun to survey lots for the new village with his partner, an Irish gentleman named John Shields. According to historians, Shields is responsible for naming the town after his birthplace: "If I have the honor conferred upon me to name your village, with the brightness of the morn, the beaming of the sun on the hills and dales surrounding this beautiful valley, it would give me great pleasure to name your new town after my birthplace, Ireland." By 1833, Dublin contained only one store. In 1970, Dublin was still a small town with only 681 residents. However, the construction of Interstate 270 facilitated a population boom, spearheaded by the acquisition of major corporate headquarters such as Ashland Inc and Wendy's International. In addition, the growth of the Muirfield Village Golf Club and its residential subdivision attracted numerous affluent citizens to the growing suburb. Dublin was declared a city in 1987, after reaching a population of 5,000 residents.
As part of this boom Dublin expanded its area, annexing parts of Washington, Perry and Jerome townships. Dublin is located at 40°6′33″N 83°8′25″W. According to the United States Census Bureau, the city has a total area of 24.80 square miles, of which 24.44 square miles is land and 0.36 square miles is water. The Scioto River passes through Dublin. In this area the river and its tributaries cut deep gorges through the limestone bedrock, the riverbed is stony; some of these tributaries feature waterfalls. Located on the Glaciated Allegheny Plateau, Dublin has flat topography. There are numerous ravines surrounding the tributaries of the Scioto River, which make for steep cliffs in some areas. Elevations range from 780 feet above sea level where the Scioto River leaves the city at Hayden Run Road, while the high point is 1000 feet at Glacier Ridge Metro Park. Being a modern American suburb, the city is accessed by car. In addition to Interstate 270, U. S. Highway 33, State Route 161, State Route 745 pass through the city.
There is a 77-mile network of bike trails. Long term plans include expanding the trails further, as well as connecting them to the regional trail system to facilitate travel to downtown Columbus. COTA provides limited service in the southeast part of the city. Routes 56 and 58 provide express service from the commercial areas around Frantz and Rings Roads to Downtown Columbus during rush hour periods. Dublin is home to the headquarters of a number of companies, including Cardinal Health, IGS Energy, Stanley Steemer, Wendy's and Online Computer Library Center. Pacer International, a larger intermodal logistics provider, was headquartered in Dublin until its acquisition by XPO Logistics on March 31, 2014. Other organizations with significant operations include Ashland Inc. Nationwide Insurance and CenturyLink. Dublin Methodist Hospital, part of the OhioHealth system, opened in January 2008. According to the City's 2016 Comprehensive Annual Financial Report, the top employers in the city are: According to a 2012 estimate, the median income for a household in the city was $114,183, the median income for a family was $138,590.
Males had a median income of $75,279 versus $43,903 for females. The per capita income for the city was $41,122. About 2.1% of families and 2.7% of the population were below the poverty line, including 2.7% of those under age 18 and 4.0% of those age 65 or over. As of the census of 2010, there were 41,751 people, 14,984 households, 11,656 families residing in the city; the population density was 1,708.3 inhabitants per square mile. There were 15,779 housing units at an average density of 645.6 per square mile. The racial makeup of the city was 80.5% White, 1.8% African American, 0.1% Native American, 15.3% Asian, 0.5% from other races, 1.8% from two or more races. Hispanic or Latino of any race were 1.8% of the population. As of 2010, the Asian population is: 6.9% Indian, 3.1% Chinese, 2.6% Japanese, 1.3% Korean, 0.2% Vietnamese. There were 14,984 households of which 45.1% had children under the age of 18 living with them, 69.5% were married couples living together, 5.9% had a female householder with no husband present, 2.4% had a male householder with no wife present, 22.2% were non-families.
18.4% of all households were made up of individuals and 5.4% had someone living alone, 65 years of age or older. The average household size was 2.78 and the average family size was 3.21. The median age in
A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services. Worldwide, credit union systems vary in terms of total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with assets worth several billion U. S. dollars and hundreds of thousands of members. Credit unions operate alongside other mutuals and cooperatives engaging in cooperative banking, such as building societies. "Natural-person credit unions" serve individuals, as distinguished from "corporate credit unions", which serve other credit unions. Credit unions in the US had one-fifth the failure rate of other banks during the financial crisis of 2007–2008 and more than doubled lending to small businesses between 2008 and 2016, from $30 billion to $60 billion, while lending to small businesses overall during the same period declined by around $100 billion..
Public trust in credit unions stands at 60%, compared to 30% for big banks Furthermore, small businesses are eighty percent less to be dissatisfied with a credit union than with a big bank. Credit unions differ from banks and other financial institutions in that those who have accounts in the credit union are its members and owners, they elect their board of directors in a one-person-one-vote system regardless of their amount invested. Credit unions see themselves as different from mainstream banks, with a mission to be "community-oriented" and "serve people, not profit". Credit unions offer many of the same financial services as banks but use different terminology. Typical services include share accounts, share draft accounts, credit cards, share term certificates, online banking. Only a member of a credit union may deposit or borrow money. Surveys of customers at banks and credit unions have shown higher customer satisfaction rates with the quality of service at credit unions. Credit unions have claimed to provide superior member service and to be committed to helping members improve their financial situation.
In the context of financial inclusion, credit unions claim to provide a broader range of loan and savings products at a much cheaper cost to their members than do most microfinance institutions. In the credit union context, "not-for-profit" must be distinguished from a charity. Credit unions are "not-for-profit" because their purpose is to serve their members rather than to maximize profits, so unlike charities and the like, credit unions do not rely on donations and are financial institutions that must make what is, in economic terms, a small profit to remain in existence. According to the World Council of Credit Unions, a credit union's revenues must exceed its operating expenses and dividends in order to maintain capital and solvency. In the United States, credit unions incorporated and operating under a state credit union law are tax-exempt under Section 501. Federal credit unions organized and operated in accordance with the Federal Credit Union Act are tax-exempt under Section 501. According to the World Council of Credit Unions, at the end of 2014 there were 57,480 credit unions in 105 countries.
Collectively they oversaw US$1.79 trillion in assets. WOCCU does not include data from cooperative banks, so, for example, some countries seen as the pioneers of credit unionism, such as Germany, the Netherlands, Italy, are not always included in their data; the European Association of Co-operative Banks reported 38 million members in those four countries at the end of 2010. The countries with the most credit union activity are diverse. According to WOCCU, the countries with the greatest number of credit union members were the United States, Canada, South Korea, Philippines and Mexico, Australia, Thailand and Ireland; the countries with the highest percentage of credit union members in the economically active population were Barbados, Grenada, Trinidad & Tobago, Belize and St. Lucia, St. Kitts & Nevis, Jamaica and Barbuda, the United States and Canada. Several African and Latin American countries had high credit union membership rates, as did Australia and South Korea; the average percentage for all countries considered in the report was 8.2%.
Credit unions were launched in Poland in 1992. Modern credit union history dates from 1852, when Franz Hermann Schulze-Delitzsch consolidated the learning from two pilot projects, one in Eilenburg and the other in Delitzsch in the Kingdom of Saxony into what are recognized as the first credit unions in the world, he went on to develop a successful urban credit union system. In 1864 Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf in Germany. By the time of Raiffeisen's death in 1888, credit unions had spread to Italy, the Netherlands, England and other nations; the first credit union in North America, the Caisse Populaire de Lévis in Quebec, began operations on January 23, 1901 with a 10-cent deposit. Founder Alp