Compliance Question of the Week
August 1, 2011
August 2, 2011
How is it that the NCUA is enforcing the SAFE Act on state chartered credit unions?
Under 12 CFR 741.223 the NCUA is mandating that “Any credit union which is insured pursuant to Title II of the Act must adhere to the requirements stated in part 761 of this chapter.”
Insured pursuant Title II means you are using the NCUSIF for your share insurance. Oregon state chartered credit unions are required under ORS 723.582 to maintain their share insurance with the NCUA. Washington credit unions are regulated under 31.12.408 which requires federal share insurance or equivalent. Currently the DCU has not approved any other equivalent share insurance so Washington credit unions must use the NCUA for their insurance needs.
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.