CCUL Headlines: Regulatory

CCUL submits letter to NCUA on agency’s proposed rule on share insurance

Tuesday, July 14, 2015   (0 Comments)
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Earlier this week, CCUL VP Regulatory and Compliance Counsel Jeanne Couchois submitted a letter to the National Credit Union Administration (NCUA) regarding the agency’s request for comment on the proposed changes to Part 745 of NCUA’s Rules and Regulations governing share insurance coverage.

In the letter, Couchois applauds the “NCUA’s effort to create a regulation that is adequately broad in defining “other similar escrow accounts” so as not to require regulatory approval of different escrow accounts on a case-by-case basis.”

While CCUL is comfortable with NCUA’s proposed definition of pass-through share insurance, Couchois recommended the following proposed change to the definition of “other similar escrow accounts.”

“Other similar escrow account means an account where a licensed professional or other individual serving in a fiduciary capacity holds funds for the benefit of a client as part of a transaction or business relationship, such as realtor accounts and prepaid funeral accounts and agent-trust fiduciary accounts.”

View the full letter »

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