Regulatory Final Rule Analysis & Comment Call

CUNA
September 15, 2010 | COMMENTS

Final Rule Analysis: Display of Official Sign; Permanent Increase in Standard Maximum Share Insurance Amount

NCUA has adopted a final rule that amends Parts 740 and 745 of NCUA's share insurance and official sign regulations to implement changes to the Federal Credit Union Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Specifically, the final rule makes the following changes:

NCUA's rule amends Part 745 of NCUA's share insurance regulation by defining the SMSIA as $250,000.

The rule also amends Part 740 of NCUA's official sign regulation by replacing "$100,000" with "$250,000" on the sign. 

To ensure credit union members are made aware of the permanent $250,000 limit, the final rule encourages insured credit unions to obtain and display the new official sign as soon as possible, but in no event later than March 2, 2011.

An insured credit union will be required to replace the old version of the official sign with the revised version at required locations, such as each station or window where the credit union normally receives insured funds or deposits in its principal place of business and all of its branches and on its website where it accepts deposits or opens accounts by the March compliance date.  In addition, a credit union will need to update the official sign on each document where the credit union has chosen to include the sign, including advertisements, marketing materials, and disclosures.

The rule became effective September 2, 2010, and compliance with the official sign provisions is mandatory by March 2, 2011.

> View the full final rule analysis at CUNA.org

Comment Call: Financial Literacy and Education Commission: Draft National Strategy for Financial Literacy 2010

The Department of the Treasury, chair of the Financial Literacy and Education Commission (FLEC), has issued a request for comment on FLEC's draft National Strategy for Financial Literacy 2010.

The purpose of the National Strategy is to create an overarching framework that all organizations involved with personal-finance education, research, practice, and policy will find useful to help guide their work over the next three to five years.  Consistent with its purpose, the National Strategy identifies four primary goals, these are: increase awareness of and access to financial education; determine and integrate core financial competencies; strengthen provision of financial education; and identify and share effective practices.

> View the full comment call at CUNA.org