Fidelity bonds for credit unions

July 23, 2019 NCUA, Regulation lookup 0

Title:
Fidelity bonds for credit unions
Subject: Fidelity bonds
Agency: NCUA
Status: Final rule
Summary:
The NCUA Board (Board) is finalizing a rule that amends its regulations regarding fidelity bonds for corporate credit unions and natural person credit unions. The rule strengthens a board of directors’ oversight of a federally insured credit union’s(FICU) fidelity bond coverage; ensures an adequate period to discover and file fidelity bond claims following a FICU’s liquidation; codifies a 2017 NCUA Office of General Counsel legal opinion that permits a natural person credit union’s fidelity bond to include coverage for certain credit union service organizations (CUSOs); and addresses Board approval of bond forms.
FR Doc: 2019-15709
Date proposed: November 2018
Comments due date:

 
Final rule effective date: Oct. 22, 2019
Rule compliance date:
Agency release:

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Related Reg Report item(s):

Final rule on fidelity bonds, proposal on easing prohibitions adopted by credit union regulator