ASI, Ohio League Offer Private Insurance Disclosure Information Session

DUBLIN, Ohio-American Share Insurance, in conjunction with the Ohio Credit Union League, recently announced education sessions in November on required disclosures for privately insured credit unions. ASI will present an overview of the Federal Deposit Insurance Corp. Improvement Act of 1991 disclosure requirements to Ohio’s privately insured credit unions on Wednesday, Nov. 12. The informational session will be held at the offices of the Ohio Credit Union League at 5815 Wall Street, Dublin, OH. Interested credit unions should contact the league at (614) 336-2894. Generally, privately insured credit unions must provide disclosures that member deposits are not backed by any government in all advertisements, such as door signage, posters, and other items. A meeting was previously announced for Nov. 3 in Indiana. The educational sessions on FDICIA disclosure requirements for privately insured credit unions stemmed from a General Accounting Office study released in August that revealed that 21 of 57 privately insured credit unions (37%) in Alabama, California, Illinois, Indiana, and Ohio did not have required notices posted. When the law was initially passed, Congress charged the Federal Trade Commission with enforcing the law, but was pressured by the agency and did not provide funding. In addition to the five states in the study, Maryland, Nevada, and Idaho also have privately insured credit unions. Private insurance is also permitted in Washington State, Montana, New Mexico, Oklahoma, Louisiana, Pennsylvania, New Jersey, New Hampshire, and Colorado, but they do not have any operating in those states.