Difference between NCUA and FDIC
Aspect |
NCUA |
FDIC |
---|---|---|
Meaning |
NCUA is responsible for overseeing the National Credit Union Share Insurance Fund (NCUSIF). |
FDIC is a standalone federal agency in the United States that insures deposits and saves in case of failures. |
Institution |
It regulates federal credit unions. |
FDIC regulates banks and savings institutions. |
Deposit Insurance Limit |
It is typically $2,50,000 per account. |
It is typically $2,50,000 per account. |
Established |
NCUA was established in 1970. |
It was established in 1933. |
Coverage Eligibility |
It is limited to Credit union members. |
It is open to all bank depositors. |
Regulatory Focus |
It is tailored to the credit union sector. |
It is a broad oversight of banking institutions. |