3584 is a bill that would amend the Federal Home Loan Bank Act to treat certain privately insured credit unions as insured depository institutions for purposes of determining eligibility for membership in a federal home loan bank. GAO reviewed certain key methods and assumptions used by the actuarial firm. Privately insured credit unions largely complied with the Bureau of Consumer Financial Protection (CFPB) requirements to disclose that they do not have federal deposit insurance.
Publicly Released: Jun 12, 2019. American Share is a member-owned, private share insurer founded in 1974 and is owned by its insured credit unions. Regulatory and other assessments have suggested that ASI's reserves have been adequate and that the company has had a strong ability to cover present and future losses for the credit unions it insures. Without clear disclosure requirements, state credit union supervisors and credit unions may not be consistent in how they interpret disclosure requirements and some consumers may not be informed that their deposits are not federally insured.
Sound underwriting and business-centric risk management policies have enabled American Share to successfully provide a strong, dependable private insurance option to credit unions for over forty-five years. American Share and its wholly-owned subsidiary Excess Share Insurance Corporation (ESI) provide private share insurance for credit unions across the U.S. The bill was introduced into the United States House of … Established by Congress in 1970 to insure member share accounts at federally insured credit unions, NCUSIF is similar to deposit insurance coverage provided by the Federal Deposit Insurance Corporation. About 2 percent of credit unions (125) have private deposit insurance, which is provided by one company—American Share Insurance (ASI). The most recent examination of ASI by its primary regulator (Ohio Department of Insurance) determined that ASI's reserves for losses were adequate and appropriate and consistent with legal requirements. Nine states currently permit state chartered credit unions to be privately insured; but most privately insured credit unions are located in 5 states. Protecting Credit Unions Since 1974. GAO also analyzed regulatory ratings (2006–2015) and selected financial data (2011–2015) on privately and federally insured credit unions. ), and 99 of 102 websites GAO reviewed included the disclosure on their main Internet page, as required. The Ohio regulator and the actuarial firm both noted risk factors that could affect ASI's financial condition, including changes in macroeconomic conditions or major losses by the largest credit unions it insures. American Share offers $250,000 coverage per account, with no limit to the number of accounts held by a member.A credit union exclusive, available to both federal and state-chartered credit unions.
As such, these specific types of credit unions do not have a direct federal regulator. Protect More of Your Deposits! However, 7 of 17 credit unions with drive-through windows that GAO visited did not have disclosure signs at these windows. CFPB's regulations on disclosures for privately insured credit unions do not specify signage dimensions or font size. Publicly Released: Apr 27, 2020.Published: Nov 13, 2019. Please click on the LEARN MORE button to see the press release dated 3.17.2020Protect more of your members’ savings – American Share’s coverage protects your members’ deposits on a Get peace of mind – American Share has a higher equity ratio than NCUA, and lower losses. In the event of financial difficulties, Ohio law allows ASI to tap into additional sources of funding, including lines of credit and special assessments from its insured credit unions. Currently, the corporation insures the accounts of over 1 million credit union members. CFPB agreed with these recommendations. GAO recommends that CFPB issue guidance for privately insured credit unions to clarify whether drive-through windows require disclosure, describe what constitutes clear and conspicuous disclosure, including minimum signage dimensions and font size, and explain and provide examples of which communications are advertising.
Currently, the corporation insures the accounts of over 1 million credit union members.MEMBERS' ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY.© 2020 American Share Insurance. Choose American Share Insurance.NCUA’s coverage only protects up to $250,000 of a member’s total deposits. All rights reserved. Publicly Released: Jul 16, 2019.Published: Jun 12, 2019. The Fixing America's Surface Transportation Act includes a provision for GAO to review private deposit insurers and privately insured credit unions' compliance with disclosures. The Federal Deposit Insurance Act requires privately insured credit unions to disclose to consumers that they do not have federal deposit insurance and CFPB has implemented regulations on these requirements. Publicly Released: Nov 19, 2019.Published: Oct 22, 2019. The privately insured credit unions in Southern Nevada are Silver State Schools Credit Union, Plus Credit Union, Clark County Credit Union and Boulder Dam. Publicly Released: Dec 13, 2019.Published: Nov 19, 2019. For instance, 45 of 47 credit unions GAO visited displayed required disclosures at teller windows (see fig. No credit union member has ever lost money in an American Share-insured account.Work with a business, not a government agency – as a credit union-owned insurer, American Share’s role is to protect your members’ funds, not act like your regulator.When you insure your members’ deposits with American Share, more of their money is protected. Privately Insured Credit Unions. As of June 30, 2009, there were 156 privately insured credit unions, representing about 2 percent of all credit unions in the country.