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DUBLIN, Ohio — American Share Insurance commended Congress for including a provision to update the FDIC Improvements Act disclosures in the regulatory relief bill. While FDICIA required privately insured credit unions to disclose that they are not backed by the federal government, implementing regulations and enforcement were never funded. Now that Congress has funded enforcement of the 12-year-old law and clarified authorities, some cleaning up needed to be done in keeping with the times.

“We pushed hard to get that into the bill,” ASI President/CEO Dennis Adams said. Designating state regulators to examine privately insured credit unions for compliance, rather than the Federal Trade Commission as the law was originally written, was a positive, he said. “I think it’s a positive thing for state regulators and state chartered credit unions to remain under their state licensing authorities.”

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