WASHINGTON, Dec. 29 -- National Credit Union Administration has issued a proposed rule called: Suretyship and Guaranty; Segregated Deposit and Collateral.
The proposed rule was published in the Federal Register on Dec. 29 by Melane Conyers-Ausbrooks, Secretary of the Board.
Summary: The NCUA Board (Board) seeks comment on a proposed rule to remove the segregated deposit and collateral requirements when a federally insured credit union (FICU) acts as a surety and guarantor. Removing this regulation will provide FICUs with greater flexibility to design products that meet member needs. FICUs would remain subject to the other requirements regarding surety and guaranty agreements.
For more information, contact Keisha Brooks, Attorney-Advisor,...