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CUNA Comment Spurs Change in Dept. of Education Reg

CUNA putting its two cents in on a Department of Education rule preserved a service and income stream for federally insured credit unions.

By Sarah Snell Cooke | Updated on October 09, 2007

WASHINGTON — CUNA putting its two cents in on a Department of Education rule preserved a service and income stream for federally insured credit unions.

In response to a comment letter by CUNA, the Department of Education agreed to revise its final rule on disbursement of federal student aid funds to include credit unions. “We believe that the Department’s intention behind the proposed FDIC deposit insurance requirement is an admirable one: To reduce the risk of loss of student funds due to the failure of a depository institution or due to fraud,” CUNA Executive Vice President and General Counsel Eric Richard wrote. “Permitting NCUSIF insurance as well as FDIC insurance would in no way increase the risk of loss of student funds.”

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