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News Now

Washington
Parity urged for noninterest transaction accounts
WASHINGTON (12/29/08)--The Credit Union National Association (CUNA) last week again urged the National Credit Union Administration (NCUA) Board approve full deposit insurance coverage for noninterest bearing transaction accounts--as the Federal Deposit Insurance Corp. (FDIC) has provided for the banks it insures. CUNA’s request was included in comments on an agency interim final rule that will provide options for displaying the official share insurance sign to reflect the increase in the maximum share insurance amount from $100,000 to $250,000. CUNA in its letter noted that the NCUA Board has ample legal authority to increase the coverage for such accounts. “Some credit unions feel they have been disadvantaged by the lack of full insurance for these accounts because they have either lost out on accounts they might otherwise have had or members have taken deposits to competing institutions,” wrote CUNA. In regard to the share insurance sign, CUNA said it supports the increase in the share insurance limit to $250,000 and the flexibility that the rule provides in “displaying the official sign to reflect these new levels, which includes using current signs, new signs, or modifying the current signs.” CUNA also said supports the “expansion of share insurance coverage that will now insure the principal and interest portion of a borrower’s payment separately from the borrower’s individual accounts, which will be consistent with the deposit insurance rules, as administered by the FDIC.” Use the resource link below to read CUNA’s complete letter.


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