The NCUA is a government agency that oversees federal credit unions. The NCUA controls the National Credit Union Share Insurance Fund, or NCUSIF, which is a fund by all participating credit unions. The NCUSIF insures accounts at federal credit unions and is backed by the government. According to the NCUA, the NCUSIF insures about 98% of all credit unions in the US. Therefore, credit union members will likely already have accounts that have NCUSIF protection.