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FR Doc 06-2754 (4442 words) |
 | On those bases, NCUA believes it may be appropriate to extend full coverage to all participants in an employee benefit plan if a plan trustee or the employer sponsoring the plan is a member or if some percentage of plan participants are members, for example, 25%. |
| NCUA's Office of General Counsel (OGC) issued a legal opinion concluding that NCUA's insurance rules provide pass-through coverage to a 529 program participant if the participant is a member of the federally insured credit union where the 529 program account is maintained and if the account is properly titled. |
| NCUA insurance regulations require a participant to be a member of the credit union or otherwise eligible to maintain an insured account in the credit union. |
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ICBA - Advocacy - Testimony 107th Congress - NCUA Implementation of the Credit Union Membership Access Act of 1998 (4815 words) |
| The NCUA is required to "prescribe, by regulation, a definition for the term 'well-defined local community, neighborhood, or rural district.'" Previously, NCUA had limited community charters to those within a single, geographically-defined area where residents interact. |
| The NCUA has established three specific criteria that must be met by an applicant for a community based credit union charter: (1) the geographic boundaries must be clearly defined; (2) evidence must be provided establishing the well-defined community; and (3) the residents must have common interests or interact. |
| While the NCUA does acknowledge that "a larger population in a large geographic area may not meet NCUA community chartering requirements, and that "the burden of demonstrating interaction and/or common interests will be greater than the evidence necessary for a smaller and less densely populated area, setting the bar at 300,000 is much too high. |
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