NCUA: Unlimited Share Insurance for Credit Unions Set to Expire at Year End

http://www.viningsparks.com/

    The NCUA recently issued a Letter to Credit Unions regarding the scheduled expiration of two insurance coverage programs on December 31, 2012.

    The Temporary Corporate Credit Union Share Guarantee Program and the unlimited Share Insurance Fund coverage for non-interest-bearing transaction accounts will expire.
    On January 1, 2013, NCUA share insurance coverage on deposits in corporate credit unions and non-interest-bearing transaction accounts will be limited to the standard maximum share insurance amount of $250,000. The insurance coverage is currently unlimited.
    Credit unions should evaluate their uninsured corporate account holdings and perform appropriate due diligence for credit risk implications.

If you have any questions on how this may affect your credit union contact;
Vining Sparks a GOLD Sponsor of NCOFCU

Lee Chandler Senior Vice President

Office 800-786-1245, Cell 970-445-8410 lchandler@viningsparks.com

Lee began his career in investments by joining Vining Sparks as a licensed representative in 1991.  Lee has worked extensively with credit unions, providing tools such as asset liability models, scenario cash flow models, as well as on-site board education.  He is a frequent speaker at credit union conferences and makes regular board appearances for many of his clients. He graduated from the University of Mississippi in 1988 with a degree in business.  Lee is based in Vining Sparks’ Breckenridge, Colorado office.  Vining Sparks is headquartered in Memphis, Tennessee, and has offices throughout the United States and an international office in London.  The firm has over 300 employees in cities across the United States.  It has over 4,400 active customers which include depository institutions, insurance companies, and money managers.  The firm also ranks in the top 20 underwriters of new U.S. Agency debt.  Member FINRA/SIPC.