Joint ownership share accounts rule, two board briefings on NCUA Board agenda

NCUA headquarters

The NCUA Board next week is set to issue a final rule on joint ownership share accounts, providing parity with changes made for banks by the FDIC in 2019. NAFCU has previously offered support for the proposal and sent members a Regulatory Alert to break down the proposed rule’s highlights.

As proposed at the NCUA Board’s May meeting, the rule would allow federally-insured credit unions to use information in account records establishing co-ownership of the share account to satisfy the signature card requirement.

During next week’s meeting, the board will receive a briefing on the National Credit Union Share Insurance Fund’s (NCUSIF) quarterly report. The report is expected to factor into the agency’s determination of if and when a premium may be charged. The association has advised the agency against a premium assessment – as credit unions have seen significant share growth amid the pandemic – and advocated instead for additional investment authorities.

In addition, the board will receive a briefing on the Consolidated Appropriations Act of 2021’s emergency capital investment program (ECIP).

 

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