Texas Issues Proposed Rule On Private Deposit Insurance
AUSTIN, Texas -- The Texas Credit Union Commission last month issued proposed regulations regarding private deposit insurance for state chartered credit unions.
The comment period runs through Dec. 3.
American Share Insurance President/CEO Dennis Adams said he is not sure whether his organization will be commenting yet or not. "We haven't had a chance to study it carefully. On first read, it seems to be acceptable to us," he said, adding he did not foresee any major problems with it.
"There seems to be an interest and understanding" of private deposit insurance among Texas credit unions, according to Adams.
Federal credit unions must carry federal deposit insurance with the NCUSIF.