Wednesday, March 21, 2012

Corporate CU Share Guarantee Program to End at Year-end

NCUA announced yesterday that the Temporary Corporate Credit Union Share Guarantee Program will expire on December 31, 2012, as previously scheduled.

The NCUA Board adopted the Temporary Corporate CU Share Guarantee Program in March 2009 to provide additional level of protection for corporate credit union members beyond the current $250,000 standard maximum share insurance amount.

The Share Guarantee Program preserved funding at corporate credit unions and gave NCUA the time to implement a new corporate credit union regulatory regime and to resolve five failed corporate credit unions.

When the Share Guarantee expires on January 1, 2013, NCUA coverage on deposits in corporate credit unions will be limited to the standard maximum share insurance amount of $250,000.

Read the letter.
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