Comment period open on simplification of share insurance rules proposed rule

ALEXANDRIA, VA (November 3, 2023) — The comment period on a proposed rule that would simplify the NCUA’s share insurance regulations by establishing a “trust accounts” category is now open. The proposed rule was published in the Federal Register on October 25, and has a 60-day comment period, ending December 26.

The trust accounts category would provide Share Insurance Fund coverage of funds in both revocable and irrevocable trusts deposited at federally insured credit unions in the accounts of members or those otherwise eligible to maintain insured accounts.

Additionally, the proposed rule would provide:

  • Consistent share insurance treatment for all mortgage servicing account balances held to satisfy principal and interest obligations to a lender.
  • More flexible recordkeeping requirements to explicitly allow the NCUA to look to records held in the normal course of business that are maintained by parties other than federally insured credit unions and their members.

The proposed changes to the trust account and mortgage servicing account provisions in the NCUA’s Share Insurance Fund regulations would align with changes the FDIC previously adopted that take effect on April 1, 2024.

For more information or to submit a comment, please visit

About National Credit Union Administration (NCUA)

The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.


Ben Hardaway


Joe Adamoli

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