The National Credit Union Administration (NCUA) recently added to its public website a new section on financial technology. In response to inquiries received from stakeholders, the update includes new frequently asked questions about share insurance coverage and custody for cryptocurrencies and digital assets on NCUA.gov and MyCreditUnion.gov.
The frequently asked questions make it clear that the National Credit Union Share Insurance Fund, administered by the NCUA, does not insure digital assets or cryptocurrencies. By federal law, the Share Insurance Fund only insures shares and deposits held in federally insured credit unions.
The frequently asked questions also clarify that federal credit unions are not authorized to serve as a custodian for cryptocurrencies and other digital assets. Whether federally insured, state-chartered credit unions chartered in a particular state have the authority to serve as a custodian for cryptocurrencies and other digital assets depends on state law and regulation.
To learn more, visit Frequently Asked Questions About Share Insurance.
Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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