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Washington
CU burden must be measured in NCUA insurance proposal
WASHINGTON (2/25/11)--The National Credit Union Administration should clarify differences between its own proposal and the Federal Deposit Insurance Corporation’s (FDIC) final regulation for noninterestbearing accounts and should provide credit unions with additional examples of both interest-bearing and non-interest bearing accounts, the Credit Union National Association said in a recent comment letter. The NCUA, as required by the Dodd-Frank financial reform package, has released a proposed rule that defines noninterest-bearing accounts as traditional, noninterest-bearing checking or share draft accounts that allow for an unlimited number of deposits and withdrawals. The proposal also allows some reserve sweeps to be considered noninterest-bearing transaction accounts. CUNA in its letter said that this proposal is consistent with the new Dodd-Frank requirement. However, CUNA said that the NCUA should work to minimize any further regulatory burdens caused by the proposal. The NCUA should also clearly state on its website that the new temporary unlimited share insurance for noninterest-bearing transaction accounts will be separate from other share insurance coverage. For the full comment letter, use the resource link.


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