Wanting no part of future NCUA assessments, the president/CEO of the $300 million SafeAmerica CU of Pleasanton, Calif. has opted for private insurance.
"We transitioned into ASI Dec. 28 and we feel this is the right move for us as we take the long view," said Richard Jordan, the SafeAmerica head, in explaining a management decision to switch to American Share Insurance avoiding NCUA expense "as we see those mounting corporate losses."
He said he could not forecast whether other CUs, also alarmed about the costly assessments, would also join American Share Insurance. Comments from NCUA and ASI were not immediately available.
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