ARLINGTON, Va. — While not advocating for private primary deposit insurance, NASCUS in a recent letter did support a state's right to determine whether or not to allow for it.
"NASCUS supports states' rights to make those choices as both entirely appropriate and fundamental to the dual chartering system. Further, any state, including Washington, choosing to authorize alternative or federal share insurance may be confident in the state credit union regulatory agency's ability to fulfill its mission of robust and comprehensive oversight of state credit unions," NASCUS President/CEO Mary Martha Fortney wrote.
She added, "Regardless of the share insurance provider, Washington State's credit unions will continue to be regulated and examined for safety and soundness to the highest standards."
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In related news, Washington's Department of Financial Institutions released its most recent draft of its proposed rulemaking this month. Changes from previous versions include the possibility of requiring reinsurance for the private insurance provider, geographical concentration limits, and a timeframe to correct requirements an approved provider falls below, such with the equity ratio.
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