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Comments due: NCUA (proposed rule; joint ownership share accounts)
Comments are due to the National Credit Union Administration (NCUA) on a proposed rule to allow account records information other than a signature card to support the insured status of a joint ownership share account in a credit union. The proposed rule, said to be similar to one adopted last year by the Federal Deposit Insurance Corp. (FDIC) for federally insured banks and savings institutions, is intended to facilitate prompt payment of share insurance in the event of a federally insured credit union’s failure “by explicitly providing alternative methods that the NCUA could use to determine the owners of joint accounts, consistent with the NCUA’s statutory authority,” the agency said.
Reg lookup: Joint Ownership Share Accounts