You may have seen the article in Aug. 27’s Post & Courier, “Depleted FDIC may need bailout of its own.” We draw it to your attention now to point out that South Carolina Federal Credit Union is not affiliated with the FDIC. In contrast, the credit union is insured by the National Credit Union Administration (NCUA), a different agency of the U.S. government. The NCUA regulates, charters and insures all federal credit unions and its Share Insurance Fund maintains a healthy equity level. As a result, safety and soundness is guaranteed for of all credit unions insured by the NCUA.
The credit union difference is always a story worth telling. In light of recent news, it’s especially timely to share that difference with your friends and neighbors who have yet to do business with us or another credit union near them.