Here's some more additional information:
- The House takes up the bailout bill later today. This bill contains language that would temporarily increase share insurance protection for credit union accounts up to $250,000.
- Still nothing official from NCUA on whether they will follow the FDIC's decision to loosen requirements concerning insurance coverage for revocable trust accounts (which include POD accounts).
We've heard that some consumers have been withdrawing large amounts of cash in today's turbulent times. Banker's Online put together a model "Cash Withdrawal Letter of Indemnification." You can access it here. As usual from Banker's Online, good stuff.
NCUA added an insurance FAQ to their website. That might come handy. You could have copies for members or use the information to help update your website. Access the FAQ here
If you haven't seen it, here's a link to NCUA's new share insurance poster. It grabs your attention. At first, I thought NCUA wanted me to join the Army!
Many members are asking credit unions to tell them how much insurance protection they have. That's always a dicey thing. Here's the disclaimer one credit union came up with. I think its a dandy.
"The calculation I am about to prepare for you is an estimate and will be based on today's balance and account structure/titles. Ultimately, NCUA makes the final determination as to how much insurance you will receive, which will only be done in the unlikely event of the credit union's failure. You may, however, use NCUA's Share Insurance Estimator to make future coverage determinations."
Warning: Shameless plug. I spent yesterday taping a 2008 BSA training session designed for credit union board members, supervisory committee members and other volunteers. It will be on CD and will run roughly 45 minutes. Details to come soon.
The old me: Never missed a Penn State or Steelers football game.
The new, married me: I spent last weekend in State College, Pa., home to Penn State, the Nittany Lions and the "Happy Valley." Did I go to the game? No. I visited with Mandy's father. And we went to a very fun fall festival. On Monday evening, the Steelers were on TV. I missed it. I was hanging pictures, making lunches and doing dishes.
The times, they are a changing.
Have a great weekend, everyone! (Except for the Boilermakers.)