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News Now

Washington
CUNA urges CU parity on non-interest accounts
WASHINGTON (10/16/08)--Federally insured credit unions will be competitively disadvantaged unless federal regulators move quickly to provide full share insurance coverage for non-interest bearing transaction accounts, wrote Dan Mica, president/CEO of the Credit Union National Association (CUNA) Wednesday. In letters to each member of the National Credit Union Administration (NCUA) board, Mica recalled the administration’s action Tuesday announcing a program for insured banks and thrifts that includes the Federal Deposit Insurance Corporation’s guarantee for all funds in such an account. Under the program, for the first thirty days all insured banks and thrifts would be covered. After that time, the accounts at institutions that do not opt out and thus agree to a 10-basis point insurance assessment will be covered. Mica noted the agency staff’s own informal estimates that a number of credit unions across the country may offer such accounts. “In our view, NCUA has sufficient legal authority to establish a similar program to permit any federally insured credit union to participate,” the CUNA leader wrote. Mica added, “Failure by NCUA to address this issue for credit unions could undermine credit unions’ hard-won success in serving small businesses and others in their communities.”


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