CUNA, NAFCU request extension for comments on share insurance proposal

CUNA and NAFCU requested NCUA extend the comment deadline for its proposal to simplify share insurance coverage rules by 30 days in a letter sent Tuesday. The NCUA board issued the proposal at its October board meeting and comments are currently scheduled to close Dec. 26.

“Given the complexity of the issues, as detailed in the proposal, it is critical that the industry have sufficient ability to review, analyze, and comment on the changes contemplated,” the letter reads, adding that “Doing so will ensure stakeholders have the opportunity to provide informed input on the proposed rulemaking.”

The organizations note they appreciate the board for issuing the proposal, as it is an area where members continue to express confusion.

“As such, any seemingly minor improvements to the rules and regulations governing share insurance will be positive for individual members and the industry as a whole,” the letter reads. “While we are still gathering feedback, the clarifications and other amendments included in the proposed rule are likely to be helpful.”