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But like, what do you know about the FDIC that you don't know about the NCUA? I suspect to most people they're both just opaque blobs of the US Federal government that insure deposits up to $250,000, and that's the limit of most people's understanding of either organization. If you're not confident in the NCUA, I'm not sure what extra information you could possibly have that would make you suddenly confident in the FDIC.
What's wrong with that? Seriously, belittling someone because they don't know about something, so therefore they'd rather avoid it, doesn't seem right either.
I know about FDIC. I understand the rules. My bank has a great explainer on their website about the coverage. I don't know anything about NCUA and I don't care to learn, because I'm already protected at the bank that I'm at.
The rules are pretty much the same. A credit union is likely to have the same kind of explainer that tells you the same stuff, except there's magic words like 'share account' instead of 'savings account' and 'member' instead of 'account holder'. And credit unions have to have some 'affinity' requirement. Most credit unions these days just have a geographic requirement (live, work, or worship in a list of counties), but some require a connection to some company or organization, but for otherwise national credit unions, there's often a 'loophole' way to get affiliated; you can often make a trivial one-time donation to become a member of an affiliate supporting organization and then get into the credit union. There's a little bit of smoke and mirrors there, to support the creative fiction that credit unions aren't just banks, but they pretty much are. Just like banks, some are good and some are bad, some will fail in the near future, some won't, and deposits under the $250k threshold are explicitly insured. Updates to rules that affect banks usually lead to updates that affect credit unions, but it sometimes takes a little while longer.
You'll also get notices about board of supervisors elections, which you won't for a bank with stockholders, but might get for a mutual bank.
This is what I was responding to:
> I could not tell you whether it's more or less vulnerable to market instability or bank runs than a larger bank.
There was no 'confidence'. What I said was true, it isn't FDIC insured. Geez, I'm not trying to "scare" anyone, you're making that shit up.
Now, if I'm _ignorant_ to the other ways it is insured, great, educate me, but don't be a dick about it.
Actually in many ways the NCUA is a bit more open about their work.
Here's the NCUA informing all credit unions back in 2022 that risk assessments are changing to factor in the sharp rising interest rates affecting asset values.
https://ncua.gov/regulation-supervision/letters-credit-union...
Want to know their enforcement history? Bam https://ncua.gov/news/enforcement-actions/administrative-ord...
A Credit Union is not the same as a bank, since a CU is member-owned and member-controlled.