Why aren't credit unions insured by the Federal Deposit Insurance Corp. (FDIC), like banks and thrifts?

Credit unions are insured by a different federal agency, the National Credit Union Administration (NCUA). The insurance coverage the NCUA provides is nearly the same as the FDIC. All funds deposited at a credit union are federally insured up to at least $250,000 and backed by the full faith and credit of the United States Government and the NCUA, an agency of the Federal Government.