Removing Barriers Blog

CUNA Supports NCUA Joint Ownership Proposal
Posted July 06, 2020 by Chandler Schuette

Today, CUNA filed a comment letter in support of NCUA’s proposed rule on joint ownership proposal for share accounts. The proposal addresses the requirement for separate joint account insurance that each co-owner of a joint account has personally signed a membership card or account signature card. In the event a credit union is unable to produce from its records such membership cards or account signature cards, the proposal would explicitly permit the use of other evidence contained in a credit union’s account records to satisfy the signature card requirement.

CUNA supports the proposed rule. We believe it is important to maintain parity with the regulations applicable to banks on joint account ownership. Further, we support the increased flexibility the proposed rule will provide, establishing an alternative method to satisfy the existing signature card requirement.