The issue of notification has come up in the context of private share insurance, but really it has to do with any share insurance. What is appropriate? Should members be notified once their account exceeds the insured limit? Should they be notified repeatedly if their account stays over the limit? Who should bear the cost of these notifications? Should the member be required to affirm that he/she understands that a portion of the account is uninsured? These are good, useful questions to be asking. NASCUS has not developed positions on what the answers to these questions should be. But we would like to point out that this is yet another example of the innovations that happen when there is more than one way to do something: more than one way to charter, and more than one way to insure. These questions weren't being discussed before the private insurance issue was raised. Douglas Duerr President and CEO NASCUS
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From the July-23, 2003 issue of Credit Union Times Magazine • Subscribe!
No Position, But Highlights Importance of Dual Chartering
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