ALEXANDRIA, Va. (1/16/09)—The National Credit Union Administration (NCUA) Thursday announced three items for its Jan. 22 open board meeting including a vote to change the share insurance fund sign rules. The official sign rule provides options for displaying the official share insurance sign to reflect the increase in the maximum share insurance amount from $100,000 to $250,000. As proposed, the rule would provide the following options with regard to the extent changes need to be made to the official sign to reflect the temporary increase in the maximum share insurance limit:
* Continue to display the current sign, and there will be no penalty for credit unions that choose this option. Credit unions that do not alter the current signs may post additional signs in their lobbies or place a notice on their websites. * Display the sign that NCUA will distribute and post on its website that reflects the temporary increase. *Alter the current sign to reflect the temporary increase, by hand or otherwise, as long as the altered sign is legible. An example would be placing a sticker that reads “$250,000” over the portion of the current sign that reads “$100,000.”
The other items on the NCUA agenda were labeled simply: Public Notice – Central Liquidity Facility, and Insurance Fund Report. The NCUA recently instituted monthly public reports on the state of its National Share Insurance Fund (NCUSIF). Last month, NCUA Chief Financial Officer Mary Ann Woodson said the fund’s equity level was at 1.27% and was expected to be at that level at the end of the year. Regarding the CLF item, it is expected that staff will discuss a document modification to the repayment security and credit reporting agreement that is used in CLF lending.