WASHINGTON, Aug. 6 -- National Credit Union Administration has issued a rule called: Suretyship and Guaranty; Segregated Deposit and Collateral.
The rule was published in the Federal Register on Aug. 6 by Melane Conyers-Ausbrooks, Secretary of the Board.
Summary: The NCUA Board (Board) is amending its regulations to eliminate prescriptive segregated deposit and collateral requirements for suretyship and guaranty agreements. By removing these requirements, the Board is authorizing federally insured credit unions (FICUs) acting as sureties and guarantors to design products that address member needs while maintaining safety and soundness standards. Federal credit unions (FCUs), and federally insured, state-chartered credit unions (FISCUs) if...