Credit unions and other financial institutions that lack federal insurance must disclose that fact in their branches, their advertising and periodic statements, according to final rules approved today by the Federal Trade Commission.
Those institutions must also get signed acknowledgements from new depositors that they are aware that the institution isn't federally insured and if it fails the government won't reimburse them for their losses.
The commission said that such disclosures should also appear at credit union service centers and other places where "deposits are normally received," even if they are housed outside the physical location of a non-insured credit union.
The commission cited data that there are 400 credit unions, banks and savings associations without federal insurance, including 212 credit unions.
To see the rules, go to: