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Which agency provides deposit insurance for federally insured credit unions?
AThe Federal Deposit Insurance Corporation
BThe National Credit Union Administration
CThe Consumer Financial Protection Bureau
DThe Social Security Administration only
Answer & Solution
Correct answer: B. The National Credit Union Administration
1. Two federal insurers cover deposits, and each covers a different kind of institution.
2. The FDIC insures federally insured banks.
3. The NCUA insures federally insured credit unions, so it is the answer here.
4. Naming the FDIC is the common trap, because it insures banks rather than credit unions.
_Source: FDIC Money Smart for Adults (September 2018), Module 5: Your Savings, section Deposit Insurance_
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