 TITLE: What Is a Credit Union? CONTENT: What Are the Different Types of Credit Unions?\n----------------------------------------------\nCredit unions are either federally insured or privately insured. The NCUA regulates federally insured credit unions, and the National Credit Union Share Insurance Fund (NCUSIF) insures their deposits. That's similar to how the Federal Deposit Insurance Corporation backs bank deposits.\nSome credit unions are state-chartered, as opposed to federal, and are privately insured. States oversee these credit unions and their deposits are not insured by the NCUSIF.\nThere's an easy way to tell if your credit union is federally insured. Its official name, which shows up on your statements and in legal documents, must include the phrase \"Federal Credit Union.\" END