The NCUA’s statutory authority and its guidelines indicated the agency has the legal and
fiduciary responsibility to ensure the safety of the NCUSIF. Federally insured state-chartered
credit unions receive the same amount of insurance coverage under the NCUSIF as federally
chartered credit unions. Therefore, FISCUs are subject to the same review of risks as other
credit unions. The two most common types of on-site FISCU reviews are an independent
insurance review and a joint examination/insurance review. In joint examination/insurance
reviews, both the NCUA and the SSA focus on risk issues (including safety and soundness
issues), while the state examiner focuses additionally on regulatory concerns. However,
during an independent insurance review, NCUA examiners limit their role to the review and
analysis of risks to the NCUSIF only, rather than a complete examination of the FISCU