Deposits in corporate network guaranteed through Dec. 2012
8/31/10--Corporate One is pleased to announce that the National Credit Union Administration (NCUA) Board has extended the terms of the Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP) from September 30, 2012 to December 31, 2012. With this extension, new investments with maturities of two years or less at Corporate One made before Dec. 31, 2010 will be fully covered by the guarantee program. This is in addition to the existing deposits already covered.
Shortly after its inception, the NCUA revised the guarantee program to accommodate a two-year rolling expiration date, providing the option of quarterly extensions through December 2012. What this means for Corporate One members is that all shares at Corporate One may be guaranteed through December 2014, if the quarterly options are fully realized.
The program was initially created to further encourage credit unions to place deposits in the corporates network by guaranteeing deposits at corporates beyond the $250,000 per account coverage. The share guarantee program covers all shares, excluding paid-in-capital, membership capital accounts, and other NCUA liquidity programs in corporates that are participating on a voluntary basis.
View the official release