Q: How can I find out if I am eligible to join a credit union?

A: As a state regulatory agency, the Division cannot advise you on that, but the Credit Union Association of Colorado does offer such a service. Also, you may simply call a credit union convenient to your home or work place and ask about membership eligibility requirements. The Division maintains a list of state-chartered credit unions, but there are also a large number of federal credit unions serving Colorado citizens. You may check with the Credit Union Association of Colorado (303-427-4222/ 800-477-4222) or in your local telephone directory for federal credit union locations.

Q: Is my money safe in a Colorado Savings and loan association or credit union?

A: Not one penny of insured savings has ever been lost by a depositor/member of a federally insured savings and loan or credit union. All Colorado savings and loan associations have SAIF (Savings Association Insurance Fund) coverage which is administered by the FDIC (Federal Deposit Insurance Corporation). All Colorado credit unions that serve individual citizens have NCUA (National Credit Union Administration) coverage. Both of these insurance funds are administered by federal agencies and are backed by the full faith and credit of the U.S. government.


Q: How much do the FDIC's SAIF and the NCUA insure?

A: The SAIF protects up to $250,000 for each savings and loan depositor. Share and deposit accounts in federally insured credit unions are insured up to $250,000, an amount equal to the insurance protection offered by the FDIC's SAIF. It should be emphasized that SAIF and NCUA insurance protect each legally defined depositor in an institution up to $250,000, not each account. Through the use of individual, joint tenancy and testamentary revocable trust accounts, it is possible for a family to increase insurance coverage well beyond $250,000. However, the consumer should exercise great care in establishing such accounts to ensure that the family's funds are fully insured.

Effective October 3, 2008, coverage limits for both the SAIF and the NCUA were increased to $250,000 for each individual depositor in retirement accounts such as Traditional and Roth IRAs (Individual Retirement Accounts) and Keogh accounts. This is in addition to the coverage described above for depositors in non-tax qualified accounts.

Q: How can I find out how to increase my insurance coverage?

A: Many federally-insured savings and loans and credit unions have literature that describes how a family may structure its accounts to increase coverage beyond $250,000. A consumer may also contact the FDIC and NCUA directly for more information, as follows:

Q: Which government agency do I contact with a question or problem related to a mortgage loan?

A: This is a difficult question to answer simply because there are a large number of businesses engaged in some aspect of mortgage lending. Many of these businesses are regulated by different state and federal government agencies, and many are not regulated comprehensively by any government body. Depository financial institutions operating in Colorado often make mortgage loans. They are regulated either by a state or federal agency, as follows: