NCUA to Discuss Signs, Insurance Coverage and Central Liquidity Facility

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1/15/2009

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By Claude R. Marx

ALEXANDRIA, Va. – The NCUA Board plans to vote whether to finalize rules about how credit unions must display signs indicating they have insurance coverage at its meeting next Thursday.

NCUA is proposing giving federally insured credit unions three options for displaying signs conveying insurance coverage information: Display the existing sign but convey information to members about the coverage changes elsewhere; display a version of the sign showing increased coverage; or physically alter the existing sign with a sticker to reflect the $250,000 coverage level.

The changes are needed because last October Congress passed a temporary increase in insurance coverage from $100,000 to $250,000 through the end of 2009. Congressional leaders have said Congress will probably make the change permanent sometime this year.

The board is also scheduled to hear reports on the National Credit Union Share Insurance Fund and the Central Liquidity Facility.

The meeting is scheduled to begin at 10:00 a.m. at the agency’s headquarters here. An executive session on personnel and administrative matters is scheduled after the public meeting.

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