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Share Insurance 101 PowerPoint available
ALEXANDRIA, Va. (10/13/08)--The National Credit Union Administration (NCUA) has posted its expanded Share Insurance 101 Webinar PowerPoint presentation on its website in several locations. The complete archived presentation will be available later, said the agency. NCUA described the presentation as “essential information providing the fundamentals of share insurance that credit unions and members will find beneficial.” It was hosted by board member Gigi Hyland and attracted more than 3,000 participants. The webinar provided a basic review of federal share insurance regulations and operational considerations, as well as the NCUA's available resources on share insurance. Frank Kressman, of the NCUA’s office of general counsel, did a walk through of the share insurance rules in which he provided a description of the coverage available for various types of accounts, as well as suggestions on how credit unions could structure accounts to provide maximum insurance coverage to their members. Robert Leonard, of the agency’s office of examination and insurance, discussed the health and stability of the National Credit Union Share Insurance Fund (NCUSIF), as well as the reputation and compliance risk associated with it. Hyland told participants that the NCUA wants credit unions to update their share insurance signs to reflect the higher coverage level “as soon as possible.” Under the recently passed economic rescue package, the $100,000 insurance limit on share and deposit accounts was raised for one year to $250,000. She encouraged credit unions to utilize downloadable signs available on the NCUA's website, which have been updated to reflect the increased coverage. Leonard added that the NCUA would like for the upcoming December 5300 Call Reports to reflect both the $100,000 coverage amount, as well as the $250,000 coverage currently in place. Use the resource links below to access the PowerPoint.
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