More Indiana Credit Union League Information
Since 1984, credit unions have operated their own federal deposit insurance fund on a pay-as-you-go basis.
In that year, credit unions voluntarily deposited an amount equal to one percent of their insured member savings in the National Credit Union Share Insurance Fund (NCUSIF), to bring its equity ratio up to one percent. The NCUSIF is backed by the full faith and credit of the U.S. government.
NCUSIF protects members’ savings up to $250,000 and individual retirement accounts (IRAs) and Keoghs up to $250,000. No member has ever lost a penny in a federally insured credit union.
The voluntary recapitalization of NCUSIF, and the mechanisms in place to keep the fund highly capitalized illustrate credit unions’ commitment to safety and soundness.
NCUSIF’s current equity-to-insured deposit ratio is 1.29 percent while the comparable ratio for the FDIC has inched up to 1.06 percent after having run negative for several quarters following disruptions in the financial markets and the large number of bank failures in recent years.
Federal Tax Exemption
Arguably, nothing represents the cooperative spirit of credit unions like the shared branching program. The concept is simple: credit unions pool resources to serve one another’s members.
In Indiana, the League manages a shared branching network throughout the state where members from any participating credit union can come in and transact business just as if they were in the lobby of their own credit union.
There are more than 250 “outlets” located in Indiana, making it the largest branch network of any financial institution operating in the state. These are offices of one credit union that are conveniently located, allowing members from any participating credit union to come in and transact business.
This keeps individual credit unions from having to maintain additional branch offices and offers a convenience to credit union members. Indiana’s locations are among more than 5,000 locations that are available throughout the U.S. and eight other countries to shared branch participants.
Members of Indiana’s shared branch network conduct more than one-half million transactions per month at network locations.
Indiana credit unions collectively support Riley Hospital for Children, the only hospital in the state associated with the Children’s Miracle Network (CMN).
Indiana credit unions have been involved in Credit Unions for Kids since its inception in 1996, and they have collectively contributed more than $100,000 to the hospital last year.
Credit unions have been recognized among the leading fundraisers for CMN hospitals nationwide. By participating collectively credit unions are able to employ the “People Helping People” philosophy that is their hallmark and contribute in a more meaningful way than any of the credit unions could do individually.
Other local community relations projects in credit union communities are too numerous to mention here–countless Hoosier organizations are the recipients of the generosity of Indiana’s credit unions. Stories, pictures and information that show credit unions’ commitment to their communities is available here
The Indiana Credit Union Foundation is a charitable arm of the Indiana Credit Union League, using contributions from individuals, credit unions and other organizations to fund projects, which benefit Hoosier credit unions.
These include scholarships and grants, financial literacy initiatives and other programs as approved by its board of directors including credit union development, community education programs and disaster relief.
5975 Castle Creek Parkway North Drive, Suite 300
Indianapolis, IN 46250-4346