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Corporate Stabilization Program

In January 2009, the NCUA Board acted to stabilize the national corporate credit union system that was facing financial challenges due to possible losses in the mortgage-back securities market. The costs associated with stabilizing corporate credit unions will be passed on to all federally insured, natural person credit unions.

On March 26, 2009, NCUA approved legislation to create a Corporate Stabilization Fund that will allow the industry to replenish the NCUSIF over a period of time, rather than all in one year. This piece of legislation was subsequently approved by the U.S. Senate and House of Representatives and was signed into law by President Obama on Wednesday, May 20, 2009.  NCUA will now determine how to bill each Federally Insured Credit Union.  More information will be shared when it becomes available.

Your Money is SAFE at Franklin Mint Federal Credit Union

As the U.S. deals with economic uncertainty and tightening credit markets, your Credit Union remains financially strong and well positioned to serve the financial needs of our 55,000-plus member-owners.  Much of the current economic challenges are due to the challenging real estate market and sub-prime mortgages. FMFCU remains committed to providing real estate loans to its' members in the form of mortgages, home equity lines of credit and home equity loans. In addition, FMFCU has not significantly altered its policies to restrict granting these loans and has no plans to restrict or freeze home equity lines of credit to members in good standing. The sub-prime market, unlike some financial institutions, has not significantly affected FMFCU, as we do not offer these types of products.  We use sound financial management and underwriting with our mortgage loans and offer a wide variety of affordable products that help our members steer clear of payment challenges.

As a federally charted financial institution, your funds are also federally insured by the National Credit Union Share Insurance Fund (NCUSIF), which is administered by the National Credit Union Administration, an agency of the federal government.  Similar to the FDIC (Federal Deposit Insurance Corporation) for banks, insurance is provided to at least $250,000 for regular accounts and $250,000 for IRAs.  Federal deposit insurance coverage at FMFCU increased from $100,000 to $250,000 for individual accounts, under the "Emergency Economic Stablization Act, signed into law on October 3, 2008. On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. Coverage levels for IRA accounts remain at $250,000. Additional coverage is available based on account titling, including simplification and expansion of coverage for revocable trust accounts. This coverage can be expanded based on account titling as illustrated below:

Individual Accounts Owner
Joint Tenancy Accounts Owner & Co-Owner
IRA Owner & Co-Owner (both have IRA)

For additional information, you may call the NCUA Insurance Call Center, operating from 8 a.m. to 6:30 p.m. (EDT) Monday through Friday, which has insurance experts available to answer questions about the coverage provided by NCUA share insurance. The toll-free Insurance Call Center number is 1-800-755-1030, extension 1. You may also find NCUA Share Insurance Toolkit useful.

Also, check out The National Credit Union Administration's (NCUA) Share Insurance Estimator (Click here for Spanish version) that lets consumers, credit unions, and their members know how its share insurance rules apply to member share accounts—what's insured and what portion (if any) exceeds coverage limits.

Many consumers have turned to credit unions during these volatile economic times for both their lending and investment needs.  The industry is strong and well capitalized (see CUNA statement). Credit unions as a whole are healthy, with strong balance sheets, as is FMFCU.

Please don’t hesitate to contact any member of our Executive team if you have questions or need additional information.

John D. Unangst Michael B. Magnavita Cindy Wanamaker


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Copyright © 2015 FMFCU. All Rights Reserved. Federally insured by NCUA.