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
Shared-sign rule adopted by NCUA
ALEXANDRIA, Va. (2/27/09)—Life may just have gotten a little simpler for credit union personnel responsible for posting share insurance signs at teller stations accepting deposits for both federally insured credit unions and nonfederally insured credit unions. The National Credit Union Administration (NCUA) adopted a final rule that does away with a complicated requirement that a second sign must list each federally insured credit union served by the teller along with a statement that only these credit unions are federally insured. The new rule replaces the required list of federally insured credit unions with a statement that not all of the credit unions served by the teller are federally insured and members should contact their credit union for more information. When it proposed the rule change, the NCUA noted that over the past 37 years, however, the nature of shared branching has changed considerably. The first shared branches were local operations involving just a few credit unions. Now, the NCUA proposing document said, some shared branch networks are national in scope and service hundreds, if not thousands, of individual credit unions. Under modern conditions, the old rule was potentially posing a problem for members who had to sift through a lengthy list of credit union names to ascertain the insurance status of their particular credit union. The new rule becomes effective 30 days after publication in the Federal Register.
Other Resources

RSS





print
News Now LiveWire
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
11 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
16 hours ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
16 hours ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
17 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
18 hours ago