NATIONAL CREDIT UNION ADMINISTRATION ISSUES PROPOSED RULE: NOTIFICATION TO MEMBERS/SHAREHOLDERS

WASHINGTON, Oct. 21 -- National Credit Union Administration has issued a proposed rule called: Notification to Members/Shareholders.

The proposed rule was published in the Federal Register on Oct. 21 by Melane Conyers-Ausbrooks, Secretary of the Board.

Summary: The NCUA Board (Board) solicits public comment on a proposal to streamline the methods a federally insured credit union (FICU) may use to provide its members with notice of share insurance coverage. The current regulation is overly prescriptive, mandating that a FICU make available hard copies of certain prescribed materials. While a FICU would still be required to provide notice to members, the proposed rule would defer to the FICU on the method used for such notification. Among o...