Treasury urged to back parity for non-interest accounts
WASHINGTON (10/28/08)—The U.S. Treasury Department was urged by the Credit Union National Association (CUNA) to support full share insurance coverage of non-interest bearing transaction accounts.
CUNA President/CEO Dan Mica sought Treasury Secretary Henry Paulson's support to provide the same insurance coverage for credit unions' non-interest accounts as has been provided by the Federal Deposit Insurance Corp. for insured banks and thrifts.
Mica said it is CUNA's view that the National Credit Union Administration (NCUA) has sufficient legal authority to establish a similar program for any federally insured credit union through the National Credit Union Share Insurance Fund. He added that CUNA "appreciates the fact that NCUA Chairman (Michael) Fryzel has communicated with you about this."
Mica said CUNA is "concerned that there may be disadvantages for credit unions should the additional coverage not be provided."
Previously, Mica had warned that failure 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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