With the constant flux of national headlines, it’s natural for confusion and worry to spread. Lately, we’ve noticed a growing concern among our members—many are seeking reassurance about the security of their deposits.

At the heart of their worry is a rumor that the National Credit Union Administration (NCUA), the federal agency that has insured credit union deposits since shortly after the Great Depression, and the Federal Deposit Insurance Corporation (FDIC), which does the same for bank deposits, could be on the chopping block as so many other federal agencies have been over the last few months.

The concern is understandable. But let’s start with this: No plans have been announced for cuts at either agency. That means that your money is still safe with deposit insurance of $250,000 per NCUA- or FDIC-insured account. 

Changing either in any substantial way would come with significant roadblocks, too. 

First, both agencies were created by Congress, which means it would take an act of Congress to do away with either one—and such a move would be improbable to gain broad Congressional support. Secondly, both agencies are primarily funded by insurance premiums paid by insured institutions, which means neither the NCUA nor FDIC rely on taxpayer money to fulfill their core missions. And finally, both agencies have been undeniably effective. 

Since their founding, the NCUA and FDIC have been the bedrock of our country’s financial stability, ensuring that Americans’ hard-earned savings remain safe, even in times of economic volatility. While budget debates have come and gone, the fundamental role of deposit insurance has never really been in question. 

Trust in our financial system depends on it.

Here is a remarkable fact: Since Congress created the NCUA, no American has lost a single penny on their insured accounts at any federally insured credit union in the U.S. The same can be said for FDIC-insured accounts since that agency was founded in 1933.

Since both agencies were founded, each has provided peace of mind to millions of depositors, protecting funds and maintaining confidence in community credit unions and banks alike. 

These agencies don’t just safeguard individual accounts, the NCUA upholds the financial security of entire communities, particularly in rural and underserved areas where local institutions are economic lifelines. Any move to weaken them would undermine the stability that families, businesses, and retirees rely on every day.

Confidence in our banking system is fundamental to our economic success.

Your money is safe. And so long as the NCUA and FDIC remain strong, that won’t change anytime soon.

Sandy Wagner is the Central Oregon Regional Manager for SELCO Community Credit Union.