ALEXANDRIA, Va. – NCUA is reminding credit unions that effective Dec. 31, the Temporary Corporate Credit Union Share Guarantee program will expire. On the same date, the temporary unlimited Share Insurance Fund coverage for noninterest-bearing transactions accounts also will expire.
The Corporate Share Guarantee provides a temporary additional level of protection for accounts in corporate credit unions beyond the $250,000 standard maximum share insurance amount (CU Journal, Dec. 17). The Corporate Share Guarantee is separate from the noninterest-bearing transaction account coverage.
The agency is urging CUs to evaluate whether they hold member accounts with the temporary unlimited insurance coverage; communicate to members the potential changes in insurance coverage occurring on Jan. 1, 2013; and ensure account disclosures properly disclose the level of insurance coverage.