A Seismic Shift- Public Banks Returning? by Joe Lange
(badlands.substack.com)
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Most credit unions are insured by the NCUA, not the FDIC. Both insure deposits up to $250,000. In addition, credit unions also offer Excess Share Insurance Corporation (ESI), which adds an additional $250,000 of protection.
You are correct, and I should've said FDIC-like insurance. My mistake. CU's are better in many ways, but the centralized control by nat'l regulators outside the institution is a real issue, and one that the ND bank doesn't have.
States have a lot of power that they don't use. Chartering banks, without outsourcing the rules and reserve requirements to the feds, is just one of them.