Termination of State Credit Union Share Insurance Corporation
This proposed bill would terminate the state credit union share insurance corporation that currently protects or guarantees deposits and shareholdings in member credit unions against loss. It also ends the capital fund held by this corporation, which is made up of contributions and special assessments from member credit unions. The changes affect all members of Tennessee's credit unions who rely on this protection for their savings and investments. The exact effective date has not been specified.
The state credit union share insurance corporation protects or guarantees deposits and shareholdings in member credit unions against loss, with a capital fund consisting of contributions and special assessments from these credit unions.
This proposed bill would terminate the state credit union share insurance corporation that currently protects or guarantees deposits and shareholdings in member credit unions against loss. It also ends the capital fund held by this corporation, which is made up of contributions and special assessments from member credit unions. The changes affect all members of Tennessee's credit unions who rely on this protection for their savings and investments. The exact effective date has not been specified.