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Washington
Shared-sign rule adopted by NCUA
ALEXANDRIA, Va. (2/27/09)—Life may just have gotten a little simpler for credit union personnel responsible for posting share insurance signs at teller stations accepting deposits for both federally insured credit unions and nonfederally insured credit unions. The National Credit Union Administration (NCUA) adopted a final rule that does away with a complicated requirement that a second sign must list each federally insured credit union served by the teller along with a statement that only these credit unions are federally insured. The new rule replaces the required list of federally insured credit unions with a statement that not all of the credit unions served by the teller are federally insured and members should contact their credit union for more information. When it proposed the rule change, the NCUA noted that over the past 37 years, however, the nature of shared branching has changed considerably. The first shared branches were local operations involving just a few credit unions. Now, the NCUA proposing document said, some shared branch networks are national in scope and service hundreds, if not thousands, of individual credit unions. Under modern conditions, the old rule was potentially posing a problem for members who had to sift through a lengthy list of credit union names to ascertain the insurance status of their particular credit union. The new rule becomes effective 30 days after publication in the Federal Register.
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