Wednesday, May 11, 2016

Latah FCU Seeking to Become Privately Insured.

Latah Federal Credit Union (Moscow, ID) is seeking to switch to a state charter and to become privately insured by American Mutual Share Insurance (ASI).

The Board of Directors of the credit union is soliciting its members to vote on the change in charter and insurance, as federal regulations require that that a minimum of 20 percent of the membership must vote on the change in insurance status.

However, a letter to the Moscow-Pullman Daily News expressed alarm about the conversion from federal share insurance to private share insurance.

If you click on this link, you will find excerpts from a Government Accountability Office report on ASI.

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