Notification to Members/Shareholders

Summary

The NCUA Board (Board) solicits public comment on a proposal to streamline the methods a federally insured credit union (FICU) may use to provide its members with notice of share insurance coverage. The current regulation is overly prescriptive, mandating that a FICU make available hard copies of certain prescribed materials. While a FICU would still be required to provide notice to members, the proposed rule would defer to the FICU on the method used for such notification. Among other methods, a FICU may elect to provide members with a link to updated online resources that will be maintained on the NCUA website. The Board believes the proposed rule will provide greater flexibility, reduce compliance costs for both NCUA and FICUs, and ensure that members are provided with up-to-date information regarding share insurance coverage.