Dual chartering

• Federally chartered credit unions are chartered under the authority of the National Credit Union Administration. Federal credit unions insure their members share accounts through the National Credit Union Share Insurance Fund, which guarantees the safety and soundness of the credit union.
• State chartered credit unions may exist in states that allow for the chartering of financial institutions under the authority of the state. Unlike federally chartered credit unions, state chartered credit unions in some states may choose to insure their assets through either the NCUSIF, or through private insurers such as American Share Insurance.