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NCUA Insurance Explained

April 5, 2023 • Education

What is NCUA Insurance and how does it work? Learn more about the NCUA (National Credit Union Administration) and how it protects your deposits at Canopy Credit Union up to $250,000 per aggregated insured category in the video training below: 

Credit union members have never lost a penny of insured savings at an insured credit union. In a statement put out by the NCUA Chairman Todd M. Harper on March 13th, 2023, he states, "The credit union system remains well-capitalized and on a solid footing."

In addition, Canopy Credit Union continues to exceed regulatory standard for a well-capitalized credit union. A recent letter from CEO and President Charlotte Nemec claims that "Canopy Credit Union continues to be financially safe, sound and stronger than ever."

Because we are a not-for-profit cooperative, Canopy is member-owned. This means we don't need to take unnessecary risks in order to try to make profits for shareholders. Our Board of Directors and Supervisory Committiee is made up of volunteer members who work diligently to hold the staff at Canopy accountable and ensure that your money and assests remain safe and protected. Our commitment remains dedicated to our member-owners.

If you still have questions after watching the above training video, you can visit MyCreditUnion.gov for additional information.

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