Compliance Blog

This week, NCUA released a legal opinion letter that discussed whether an account opened by a college savings board (which runs a 529 college savings plan) would be fully insured at a credit union.  NCUA responded that the accounts can qualify for federal share insurance in a number of ways.  You can access the letter here.  

It is a bit complicated to explain in this post, so I suggest that you read the letter in its entirety.  The plan can qualify as a public unit/government account or as an agent or nominee account.  In any event, such accounts might be a creative way to attract new shares at your credit union. 

Have a great weekend everyone!