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ALEXANDRIA, Va. – NCUA has the authority under amendments to the Federal Credit Union Act concerning deposit insurance coverage to also permit pass-through deposit insurance coverage on employee benefit plan accounts, according to two national trade associations.

“[B]ased upon the language of the Conforming Amendments Act, NAFCU believes that NCUA possesses the necessary authority to extend pass-through insurance coverage to non-members. Therefore, NAFCU supports a final regulation providing full share deposit insurance coverage to non-member employee interests in employee benefit plan accounts,” NAFCU President and CEO Fred Becker wrote. “However, NAFCU believes that coverage should be permitted only in cases where either the employer or the trustee of the employee benefit plan is a member of the credit union.”

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