Home | Money News | Archives | Contact Us

Search This Site:

Home | Contact Us | News Archives | Resources



FTC Non-Federal Insurance

May 26, 2010, Alexandria, Va. – National Credit Union Administration Chairman
Debbie Matz issued the following statement regarding Federal Trade Commission
approval of a rule mandating disclosures of insurance status by non-federally insured
financial institutions, including credit unions.
“I applaud today’s decision by the Federal Trade Commission that requires the few
remaining privately insured credit unions, and other depository institutions that are not
federally insured, to disclose that fact to consumers. Effective consumer protection
starts with relevant, practical information, and the FTC has taken an important step to
equip members of non-federally insured institutions with essential details about their
accounts. In these uncertain and difficult economic times, consumers should know
more about how their money is insured, and should know that the federal deposit
insurance provided by the National Credit Union Share Insurance Fund is the best
option for credit union members.”
The new FTC rule requires that institutions without federal deposit insurance must make
that known to consumers through lobby signs, advertising and account statements.
The National Credit Union Administration is the independent federal agency that regulates,
charters and supervises federal credit unions. With the backing of the full faith and credit of the
U.S. government, NCUA operates and manages the National Credit Union Share Insurance
Fund, insuring the deposits of over 90 million account holders in all federal credit unions and the
overwhelming majority of state-chartered credit unions.

Posted in finance | Tagged | Leave a comment