Thursday, January 26, 2017

IH Credit Union, Inc. Becomes Privately Insured

The National Credit Union Administration approved IH Credit Union, Inc. (Springfield, OH) conversion from federal share insurance to private share insurance.

In explaining its change to private share insurance, the credit union wrote: "We believe that the people in Columbus have a much better feel for what is happening in Springfield than government bureaucrats in Washington, D.C."

Moreover, the credit union stated that during the financial crisis NCUA essentially went bankrupt and IH Credit Union was forced to send $1.3 million to Washington. These funds were required to replenish the National Credit Union Share Insurance Fund and to pay for the corporate credit union bailout.

The $298 million credit union will be insured by American Share Insurance (ASI) going forward.

However, it should be noted that ASI had to assess special premiums in the aftermath of the financial crisis.

Read more.

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