The NCUSIF is managed by the National Credit Union Administration (NCUA). To date, the fund has been financed only by credit unions themselves -- no government funds have been deposited to the insurance fund.
NCUSIF coverage has limits similar to FDIC insurance: $100,000 per individual, and $250,000 for retirement accounts. However, NCUSIF treats Keoghs as separate from other retirement accounts so you can enjoy up to $500,000 of coverage if your retirement accounts are structured properly. Make sure you keep your accounts below those limits -- otherwise you could lose money if your credit union fails.
Note: The Dodd-Frank Wall Street Reform and Consumer Protection Act permanently increased coverage limits to $250,000 on all insured accounts as of July 22, 2010.
NCUSIF insurance generally pays benefits within a few business days.