The NCUA should send a letter to credit unions explaining that the NCUA now fully insures the full amount in noninterest-bearing transaction accounts, NAFCU President/CEO Fred Becker wrote in a letter to the agency.
Becker noted that the regulatory overhaul bill signed by President Obama earlier this year requires the NCUA to insure those accounts through Dec. 31, 2012.
He wrote that an explanatory letter from the NCUA will help credit unions "be more fully equipped to explain the parity that exists in federal insurance for these accounts between credit unions and banks."
