NCUA Finalizes Rule on Mergers of Federally-Insured Credit Unions, Clarifying Insurance Status

Summary

The National Credit Union Administration (NCUA) has issued a final rule that clarifies the disclosure forms for mergers and voluntary termination or conversion of insured status, informing credit union members that their accounts are not fully insured by the US government if converted to private insurance and that shares not covered for one year are no longer insured by the federal government.