WASHINGTON — In response to a comment letter sent this morning by CUNA, the U.S. Department of Education agreed to revise its final rule on disbursement of federal student aid funds to include credit unions.
The department contacted CUNA to let them know that in response to their comment letter this morning, in addition to a university administrator a couple weeks ago, the department was amending its final rule to include NCUSIF-insured credit union accounts in their student aid disbursement rule. In a phone call, DoE said that the initial exclusion was an oversight.
CUNA's letter read, "Since NCUSIF insurance is at least equivalent to FDIC insurance–if not superior because the NCUSIF is better capitalized than FDIC's deposit insurance fund–we ask that the Department of Education not favor one form of federal deposit insurance and discriminate against the other."
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