MN HF4118

Credit unions may obtain share and deposit insurance through a commissioner-approved credit union share guaranty corporation as an alternative to the National Credit Union Administration (NCUA) federal insurance program.

Share accounts must be guaranteed up to at least $250,000 or the NCUA primary guaranteed amount, whichever is greater.

The Commissioner of Commerce may examine credit union share guaranty corporations and assess them for reasonable examination costs, with funds deposited in the financial institutions special revenue account.

Credit unions are prohibited from voluntarily terminating insurance with NCUA or a share guaranty corporation without commissioner approval.

An approved share insurance provider may be appointed as receiver of a credit union when deposits are insured by that provider and the credit union has had operations suspended or executed a consent cease and desist order.