This week, NCUA released a legal opinion letter that discussed whether an account opened by a college savings board (which runs a 529 college savings plan) would be fully insured at a credit union. NCUA responded that the accounts can qualify for federal share insurance in a number of ways. You can access the letter here.
It is a bit complicated to explain in this post, so I suggest that you read the letter in its entirety. The plan can qualify as a public unit/government account or as an agent or nominee account. In any event, such accounts might be a creative way to attract new shares at your credit union.
Have a great weekend everyone!
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