Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA wants more shared sign flexibility
WASHINGTON (11/24/08)--The Credit Union National Association (CUNA) supports the goal of a National Credit Union Administration (NCUA) proposal to reduce burdens of the current share insurance sign requirements for shared branch networks, but urges even greater flexibility for credit unions. Currently, for tellers accepting share deposits for both federally insured and nonfederally insured credit unions, there must be a second sign adjacent to the official NCUA insurance sign. The second sign must list each federally insured credit union served by the teller, along with a statement that only those credit unions are federally insured. The proposed rule will replace the required list of credit unions with a general statement that not all of the credit unions served by the teller are federally insured and members should contact their credit union for further information. In a Nov. 21 comment letter to the agency, CUNA such additional flexibility as:
* Allowing credit unions to post a single sign in a conspicuous location in the lobby that would include the general statement that not all of the credit unions served by the teller are federally insured and members should contact their credit union for further information; or, alternatively, * Instead of the second sign, credit unions that provide service to members of other credit unions could have the option of providing a similar disclosure that the teller would hand out to these nonmembers. Either of these alternatives should serve the goal of sufficiently informing members of their insurance coverage, especially considering that very few consumers are members of nonfederally insured credit unions.
Also, CUNA wrote, a federally insured credit union that provides service to members of other credit unions should have the option of indicating either on the sign or any separate disclosure that it is federally insured. “This should alleviate concerns from members who may not be aware of the insurance status or may believe the status has changed when they read these new signs or disclosures. This is especially important in the current environment in which many consumers are concerned about the safety of the money they have in financial institutions,” the CUNA letter said.


RSS print
News Now LiveWire
FHFA today announced it's extending comment deadline for guarantee fees Fannie, Freddie charge lenders to Sept. 8.
10 hours ago
The 2014 @CUwomen Forum was held in Gold Coast, Australia yesterday during @WOCCU 's World CU Conference.
13 hours ago
.@CFPB obtains $92M in debt relief from Colfax Capital Corp. http://t.co/QPZAeCAcy2 See also: http://t.co/Kjf4HHkINW
15 hours ago
Julian Castro was sworn in as 16th secretary of @HUDgov Dept. of Housing and Urban Development Mon.
15 hours ago
.@CUNA's Chief Economist @SchenkMike talks consumer confidence--at highest levels since 2007 w/ @TheStreet @JoeDeaux http://t.co/JyoYQmhAxc
15 hours ago