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News Now

CU System
Velocity CU members OK switch to private insurance
AUSTIN, Texas (1/7/10)--Velocity CU members voted Dec. 29 to switch from federally backed deposit insurance to private deposit insurance offered by American Share Insurance Corp. (ASI). The $499 million Austin, Texas-based credit union’s board of directors last month said the credit union wanted to avoid an assessment imposed by the National Credit Union Administration (NCUA) to strengthen its deposit insurance fund (Statesman.com Jan. 5). For the change to occur, Velocity first needed more than 20% of its 75,000 members to vote on the matter, with the majority approving the switch, the newspaper said. NCUA is now reviewing the certification to determine if it will approve the change, John McKechnie, NCUA director of public and congressional relations, told the paper. In a statement sent to News Now, Debbie Mitchell, Velocity president/CEO, said: “The membership vote is complete and it was in favor of the board of directors’ resolution to convert to the private insurer. I feel this shows good faith from our membership and we appreciate their support of this proposal. Now we will await NCUA’s final approval.”


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