Another Day, More on Insurance
One of these days I won't write about share insurance. But that day has not yet arrived.
The Senate was scheduled to vote last night on a bill that would temporarily increase share insurance coverage for credit unions (and FDIC insurance as well) to $250K. As I understand the bill, NCUA would not be able to factor the increase when considering whether to assess a premium. Remember, it takes two to tango. If it passes, the bill would go to the House. And I probably do not have to tell you this, but I will; much of this is in flux, so....stay tuned! (Editors note: It did pass. For a good oveview, read this.)
On a related note, here's some guidance issued by the Texas Credit Union Department. It addresses advertising "safe and secure" messages to memberships. You can access it here. The guidance has limited scope in that it should only apply to state-chartered CUs in Texas. That being said, it is a good, timely read.