WASHINGTON and DUBLIN, Ohio -- The Federal Trade Commission hasapproved the acknowledgment of disclosure forms American ShareInsurance had suggested for privately insured credit unions.
The Financial Services Regulatory Relief Act of 2006 requiredthat members of non-federally insured credit unions obtainacknowledgements that they understand that their deposits are notfederally insured.
The acknowledgment reads in part, "I acknowledge that my depositaccounts are insured up to $250,000 per account by American ShareInsurance, the nation's largest private deposit insurer.Furthermore, I acknowledge that this institution is not federallyinsured and if the institution fails, the Federal Government doesnot guarantee that I will get back my money."
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