Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

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.


RSS print
News Now LiveWire
@AdamMertzCUNA @CUNACraig @AnnHPeterson @CUEscan @cumagazine
3 hours ago
.@TheNCUA :Low-income CUs can expand services to members, train staff,collaborate for efficiencies w/more than $1M in grants awarded 2day
13 hours ago
.@CUNA joins 11 other financial service orgs urging @SenateFloor to take up #CISA to strengthen cybersecurity information sharing
14 hours ago
.@RedwoodCU and its staff donated a combined $5,100 toward AIDS Walk San Francisco. The CU is a longtime sponsor of the event.
14 hours ago
See the latest from @CUNA's CompBlog on Customer Due Diligence. http://t.co/rzOzDUpNMT
14 hours ago