Navigating NCUA's New Fidelity Bond Rule
December 4, 2019 | Patrick Touhey, Senior Vice President Bond Division
Read the full article on CUES' CU Management Blog to read about 4 things credit unions need to consider with the new fidelity bond rule.
On Oct. 22, the National Credit Union Administration published a rule amending its fidelity bond regulations (Parts 704 for corporate credit unions and 713 for natural person credit unions). , here are four things to consider for complying with the new rule. The responsibility for compliance with the first two items falls to credit unions:
1. Strengthen Board of Directors' Oversight
2. Permit Natural Person Credit Unions to Include Coverage for Certain CUSOs
3. Ensure Adequate Period of Discovery of Bond Claims
4. Clarify Documents Subject to NCUA Board Approval and Require All Bond Forms to Recevie NCUA Board Approval Every 10 Years
Click here to download a compliance checklist for NCUA Fidelity Bond Rule Amendments Under Part 713 for next steps your credit union can take.
Content in the blog posts are the opinion and views of the writer, and don't necessarily reflect the opinions or views of Allied Solutions.