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NCUSIF sign rule offers flexibility
WASHINGTON (10/24/08)—What may credit unions do with their standard official share insurance signs that boldly display the temporarily outdated $100,000 insurance maximum? The National Credit Union Administration (NCUA) recently ruled that they can leave them alone, replace them with newer signs available through the agency, or even place a new $250,000 ceiling sticker on the existing sign. In an Oct. 15 Federal Register document, the NCUA noted that this new interim final rule recognizes that requiring credit unions to replace the current sign with a revised sign would be an expensive and burdensome process—particularly in light of the fact that the revision is temporary—effective from Oct. 3, 2008 to Dec. 31, 2009. To balance the burden with the need and desire to inform members that they have increased share insurance protection, the NCUA said it designed its rule to provide insured credit unions with maximum flexibility. The rule became effective Oct. 22. For credit unions choosing not to change or alter the official sign, the NCUA said they would not face a penalty and can inform members about the temporary increase in account insurance through additional signage. For example, the NCUA noted the credit union could post a lobby sign or a notice on its Web sites for the period of the increase. The NCUA seeks comment on the interim rule for 60 days.
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