If an informal revocable trust designates the account owner's formal trust as its beneficiary, the informal trust account will be treated as if titled in the name of the formal trust.

The Share Insurance Fund administered by the NCUA does not insure digital assets or cryptocurrencies. Credit unions use third-party service providers to provide their members with digital asset and cryptocurrency services. The services offered by these third-party providers can include exchange activities involving buying and selling digital assets or cryptocurrencies or digital asset storage services that hold these assets for credit union members.

As a courtesy and for informational purposes only, some credit unions include the value of their members' digital assets and cryptocurrency holdings that are acquired through these third-party providers on the credit union's mobile application. However, digital assets and cryptocurrencies do not represent shares at the credit union and are not covered by the Share Insurance Fund.

Listerhill does not provide services offered by third-party providers for digital assets or cryptocurrencies.

NCUA share insurance does not cover digital assets or accounts maintained at other entities that hold digital assets or cryptocurrencies for credit union members. The following are not covered by share insurance.

• The NCUA's share insurance does not cover digital assets or cryptocurrencies offered through third-party vendors to credit union members, nor does share insurance extend to digital assets or cryptocurrency stored or held in custody by a credit union. Federal credit unions are not authorized to serve as a custodian for cryptocurrencies and other digital assets. Whether federally insured, state-chartered credit unions chartered in a particular state have the authority to serve as a custodian for cryptocurrencies and other digital assets depends on state law and regulation. There is no prohibition in the Federal Credit Union Act or the NCUA's regulations preventing federally insured, state-chartered credit unions from conducting this activity, provided the credit union can do so safely and soundly and in compliance with all applicable laws and regulations.
• The NCUA does not insure assets or accounts issued by any entities other than a federally insured credit union, such as cryptocurrency companies. The NCUA's share insurance does not protect against any such entity's default, insolvency, or bankruptcy, including cryptocurrency custodians, exchanges, brokers, and wallet providers.
• The NCUA's share insurance does not apply to financial products held at investment companies or investment brokers, such as stocks, bonds, money market mutual funds, other types of securities, commodities, or cryptocurrencies.

By federal law, the NCUA only insures shares and deposits held in federally insured credit unions, which includes both federal credit unions and the majority of state-chartered credit unions. The NCUA's share insurance coverage applies to accounts such as share drafts, regular shares, share certificates, and certain other accounts offered by a federally insured credit union.

The Share Insurance Fund administered by the NCUA does not insure digital assets or cryptocurrencies. The NCUA insurance only covers insured shares and deposits in the unlikely event of a credit union's failure.

Digital assets are broadly defined as any digital representation of value that is recorded on a cryptographically secured distributed ledger or any similar technology. Digital assets are not fiat currency, as they are not issued by a government entity. Digital assets include, but are not limited to:

• Convertible virtual currency and cryptocurrency;
• Stablecoins; and
• Non-fungible tokens (NFTs).

Cryptocurrencies are digital assets that can be used as a medium of exchange. Cryptocurrencies are not issued by a central bank, so no central authority (like the U.S. Federal Reserve) manages or upholds their value.

The member remains liable for any payments due on a loan or credit card. The member would continue making payments as they did before the credit union failed until they are instructed to do otherwise in writing by the acquiring credit union or the NCUA. If a member's credit union is liquidated and the member has both a loan and shares at the credit union, the NCUA may deduct the loan balance from the share balance.