Comments Due to NAFCU: NCUA - Share Insurance Rule Amendment
NAFCU would like to highlight the following:
- The proposed rule would remove the need to distinguish between revocable and irrevocable trusts when calculating share insurance coverage.
- Share insurance coverage will be calculated by aggregating all accounts from the same grantor and allocating $250,000 of coverage per eligible beneficiary for up to five beneficiaries.
- The proposed rule would provide consistent share insurance treatment for all mortgage servicing account (MSA) balances held to satisfy principal and interest obligations to a lender.
- The proposed rule would provide more flexible recordkeeping requirements to allow the NCUA to look to records held in the normal course of business when determining insurance coverage.
Comments due to NAFCU: December 5, 2023
Comments due to NCUA: December 26, 2023
NAFCU will send comments on behalf of its members to the NCUA by its deadline (December 26, 2023).