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Simplification of Share Insurance Rules

NCUA · final-rule · Published 2024-09-30 · Effective 2026-12-01 · 89 FR 79397

Document

Document number
2024-21888
Federal Register citation
89 FR 79397
CFR reference
12 CFR 745
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US National Credit Union Administration
Publication date
2024-09-30
Effective date
2026-12-01
Docket
NCUA-2023-0082

Abstract

The NCUA Board (Board) is amending its regulations governing share insurance coverage. The final rule simplifies the share insurance regulations by establishing a "trust accounts" category that will provide for coverage of funds of both revocable trusts and irrevocable trusts deposited at federally insured credit unions (FICUs), provides consistent share insurance treatment for all mortgage servicing account balances held to satisfy principal and interest obligations to a lender, and increases flexibility for the NCUA to consider various records in determining share insurance coverage in liquidations. The changes also increase consistency between the FDIC's Federal deposit insurance rules and the NCUA's share insurance rules.

Source

Authoritative
Federal Register document
Machine
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