Association seeking feedback on fidelity bond proposal

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The New York Credit Union Association is seeking feedback on NCUA’s proposal to enhance fidelity bond due diligence.

During their board meeting in November, the agency approved a proposed rule to update fidelity bond requirements for corporate and natural-person credit unions as part of the agency’s regulatory reform agenda. Under the proposed rule, credit union boards would have to pass a resolution explicitly approving a purchase or renewal of fidelity bond coverage and delegate one non-employee board member to sign the purchase for renewal agreement. This proposal is applicable to both state and federally insured credit unions.

The Association is conducting an online survey to gather credit union feedback on this topic and formulate a comment letter to the agency.

The survey will be open until Jan. 22, 2019.

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