Dennis Adams, the president/CEO of private insurer American Share Insurance Inc., said Wednesday he does not read too much into a handful of planned NCUA to ASI conversions now in the pipeline.
“Reasons for credit unions to convert vary greatly” and they can include a desire for less-constricting rules on account segregation or they may be wariness over investment losses relating to “NCUA transparency,” said the head of the Ohio-based firm.
Adams, in Chicago this week for a meeting of the National Conference of Credit Union Supervisors, said only one planned ASI convert, the $135 million School Employees Lorain County CU in Elyria, Ohio, has given notice to members and NCUA on a vote to convert on deposit insurance.
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