Fidelity bonds for credit unions
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.
|Date proposed:||November 2018|
|Comments due date:||
|Final rule effective date:||Oct. 22, 2019|
|Rule compliance date:|
|Related Reg Report item(s):|