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DUBLIN, Ohio – American Share Insurance Corp. reasons that since state-chartered privately-insured credit unions are licensed and regulated by the same regulator that regulates state-chartered federally insured credit unions, the SEC should extend broker/dealer exemptions to them. ASI General Counsel Duane Welsh recently wrote the SEC saying state-chartered privately-insured credit unions must comply with the same safety and soundness requirements as the state-chartered federally insured credit unions. In a July 28 letter, Welsh said ASI is regulated by the Ohio Department of Insurance, the Ohio Department of Commerce’s Division of Financial Institutions, is the nation’s sole provider of private deposit insurance for state-chartered credit unions and has operated safe and soundly for more than 30 years without loss to any member. Meanwhile $1 billion Western Federal Credit Union in Los Angeles joins other credit unions that are supporting exemptions that would not require broker/dealer registration such as networking (third-party brokerage arrangements) sweep accounts; and trust and fiduciary activities. WFCU Executive Vice President Donald Klesges wrote while credit unions do not generally engage in safekeeping and custody activities, “it is also our recommendation that such services be exempted under the proposed Regulation B.”

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