On July 24, 2019 the NCUA finalized a rule amending its regulations regarding fidelity bonds (Parts 704 for corporate credit unions and 713 for natural person credit unions). These rule changes were effective on October 22, 2019.
The changes to the rule include:
- Board of directors’ oversight of fidelity bond coverage
- Time given to discover and file fidelity bond claims following liquidation
- NCUA board approval of bond forms