NCUA Extends Corporate Credit Union Share Guarantee Program
Deposits in corporate network guaranteed through first part of 2012
11/24/09--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 December 31, 2011 to March 31, 2012. With this extension, new investments with maturities of two years or less at Corporate One made before December 31, 2009 will be fully covered by the guarantee program. This is in addition to the existing deposits already covered.
Earlier this year, 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.
For additional information on the TCCUSGP, please visit:
http://www.ncua.gov/Resources/CorporateStabilization/index.aspx.
