CUNA has received a number of questions from federally insured credit unions on NCUA’s noninterest-bearing transaction account rule. The rule implement the Dodd-Frank Act’s requirement for temporary unlimited share insurance for noninterest/dividend-bearing transaction accounts (e.g. demand checking/share draft accounts, official checks issued by a federally insured credit union, such as negotiable cashier’s or certified checks). This temporary unlimited share insurance continues until Dec. 31, 2012.
The rule also contains a notice requirement to ensure that credit union members are aware of and understand what accounts the temporary share insurance coverage will cover. Questions from credit unions include:
CUNA will alert credit unions to any additional agency clarifications.
Visit CUNA’s CompBlog
CUNA recently rolled out its new compliance blog: “CompBlog” takes the information that credit unions have found for years in CUNA’s “Compliance Challenge” and delivers it in a more timely format.
So, instead of the monthly “Challenge,” credit unions have access to virtually daily observations about regulatory developments as they happen, Q&As, and musings from CUNA’s compliance team. The new format also incorporates “What’s New in Compliance” so users won’t have to monitor two different Web pages for the latest regulatory developments.
Have an idea for a post or a question for CUNA’s compliance team? E-mail firstname.lastname@example.org. And be sure to keep the conversation going with your peers on COBWEB, CUNA’s compliance listserv.
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