Last week the score on deposit insurance coverage was even. One for the NCUA and one for American Share Insurance.
In a policy reversal, the $481 million Velocity Credit Union of Austin, Texas, said that although its members had approved a coverage switch, management had second thoughts about signing on with Ohio-based ASI and instead would remain with the NCUA.
In a statement, Velocity said its board decided to opt for federally backed insurance based on ASI's year-end announcement that it was forced for the first time to start assessing member credit unions following losses in 2009 with possibly more to come in 2010.
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