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How is this functionally different? > What Is the NCUA? > The NCUA is an independent agency that oversees the National Credit Union Share Insurance Fund (NCUS

How is this functionally different? > What Is the NCUA? > The NCUA is an independent agency that oversees the National Credit Union Share Insurance Fund (NCUSIF). This federal insurance fund, backed by the U.S. government, insures member savings in federally insured credit unions. Deposits at federally chartered credit unions are automatically insured by the NCUA, but state-chartered credit unions can opt for NCUA insurance too. Some 98% of U.S. credit unions are federally insured. To find out if your credit union is one of them, ask a representative or look for the official NCUA insurance logo in its offices or on its website.

latchkey 4y ago
It is a different organization entirely. Functionally it is declared the same in all the googling that I've done, but in practice, are they? I don't know, and personally, I don't really want to find out.
- IncRnd 4y ago
  The NCUA is the US Federal Government Agency that oversees Credit Unions. A Credit Union is not the same as a bank, since a CU is member-owned and member-controlled.
- kerkeslager 4y ago
  This post made me chuckle. It's basically: I don't know about it, therefore it's scary! 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.
  - latchkey 4y ago
    > I don't know about it, therefore it's scary! 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.
    - kerkeslager 4y ago
      My intent wasn't to belittle anyone and I apologize if it came across that way.
    - 1123581321 4y ago
      It’s wrong because you weren’t just trying to avoid it personally; you were trying to scare others away by confidently declaring a problem (“a big one”) while knowing you were ignorant about it.
      - latchkey 4y ago
        Wow, HN is really bringing out the asshats today. 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.
        kerkeslager 4y ago
        > Now, if I'm _ignorant_ to the other ways it is insured, great, educate me, but don't be a dick about it. When someone tried to educate you, you responded with: "Functionally it is declared the same in all the googling that I've done, but in practice, are they? I don't know, and personally, I don't really want to find out." Do you see how maybe that's a bit FUD?
        Apocryphon 4y ago
        > I don't really want to find out Why use this sort of language? > What I said was true, it isn't FDIC insured. But it is a banal truth, because they are simply insured by a different agency. > I don't know anything about NCUA and I don't care to learn So you were motivated by apathy and content in ignorance, rather than trying to scare people, with your language. Still a bad choice because it shows that you're not seriously trying to engage in a discussion and learn about a subject.
- delfinom 4y ago
  Yes, the NCUA enforces regulatory standards including auditing for credit unions to remain insured. 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-unions-other-guidance/updates-interest-rate-risk-supervisory-framework-0 https://ncua.gov/regulation-supervision/letters-credit-union... Want to know their enforcement history? Bam https://ncua.gov/news/enforcement-actions/administrative-orders https://ncua.gov/news/enforcement-actions/administrative-ord...

latchkey 4y ago

It is a different organization entirely. Functionally it is declared the same in all the googling that I've done, but in practice, are they? I don't know, and personally, I don't really want to find out.

IncRnd 4y ago
The NCUA is the US Federal Government Agency that oversees Credit Unions. A Credit Union is not the same as a bank, since a CU is member-owned and member-controlled.
kerkeslager 4y ago
This post made me chuckle. It's basically: I don't know about it, therefore it's scary! 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.
- latchkey 4y ago
  > I don't know about it, therefore it's scary! 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.
  - kerkeslager 4y ago
    My intent wasn't to belittle anyone and I apologize if it came across that way.
  - 1123581321 4y ago
    It’s wrong because you weren’t just trying to avoid it personally; you were trying to scare others away by confidently declaring a problem (“a big one”) while knowing you were ignorant about it.
    - latchkey 4y ago
      Wow, HN is really bringing out the asshats today. 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.
      - kerkeslager 4y ago
        > Now, if I'm _ignorant_ to the other ways it is insured, great, educate me, but don't be a dick about it. When someone tried to educate you, you responded with: "Functionally it is declared the same in all the googling that I've done, but in practice, are they? I don't know, and personally, I don't really want to find out." Do you see how maybe that's a bit FUD?
      - Apocryphon 4y ago
        > I don't really want to find out Why use this sort of language? > What I said was true, it isn't FDIC insured. But it is a banal truth, because they are simply insured by a different agency. > I don't know anything about NCUA and I don't care to learn So you were motivated by apathy and content in ignorance, rather than trying to scare people, with your language. Still a bad choice because it shows that you're not seriously trying to engage in a discussion and learn about a subject.
delfinom 4y ago
Yes, the NCUA enforces regulatory standards including auditing for credit unions to remain insured. 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-unions-other-guidance/updates-interest-rate-risk-supervisory-framework-0 https://ncua.gov/regulation-supervision/letters-credit-union... Want to know their enforcement history? Bam https://ncua.gov/news/enforcement-actions/administrative-orders https://ncua.gov/news/enforcement-actions/administrative-ord...