Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA urges CU parity on non-interest accounts
WASHINGTON (10/16/08)--Federally insured credit unions will be competitively disadvantaged unless federal regulators move quickly to provide full share insurance coverage for non-interest bearing transaction accounts, wrote Dan Mica, president/CEO of the Credit Union National Association (CUNA) Wednesday. In letters to each member of the National Credit Union Administration (NCUA) board, Mica recalled the administration’s action Tuesday announcing a program for insured banks and thrifts that includes the Federal Deposit Insurance Corporation’s guarantee for all funds in such an account. Under the program, for the first thirty days all insured banks and thrifts would be covered. After that time, the accounts at institutions that do not opt out and thus agree to a 10-basis point insurance assessment will be covered. Mica noted the agency staff’s own informal estimates that a number of credit unions across the country may offer such accounts. “In our view, NCUA has sufficient legal authority to establish a similar program to permit any federally insured credit union to participate,” the CUNA leader wrote. Mica added, “Failure by NCUA to address this issue for credit unions could undermine credit unions’ hard-won success in serving small businesses and others in their communities.”


RSS





print
News Now LiveWire
Consumer spending is slumping #Market #Economy http://t.co/RI4HS68IuJ
9 hours ago
April is #NationalFinancialLiteracyMonth & @TheNCUA Chair Matz urges #creditunions to help members learn to manage/protect their finances.
11 hours ago
Fed. FI regulators' statmnts on compromised credentials/destructive malware #cybersecurity http://t.co/f4uTBDm1PU http://t.co/zP5Iw6VxZc
13 hours ago
Home prices rising faster than wages: @RealtyTrac #NewsNow #Market http://t.co/wa74mnw3Cu
14 hours ago
.@Nussle dropped by the @ACUMuseum recently. Read about his visit http://t.co/bYe8RRgYLP
15 hours ago