The 30-day warning before a credit union's extra account insurance ends is going, and it is one of eleven NCUA rules filed in a single batch

Eleven.

That is how many final rules and final actions the National Credit Union Administration filed at the Federal Register in a single batch on Wednesday morning, every one of them adopted by its board on 29 July, every one of them publishing on Thursday, and every one of them removing something. Nine strike or loosen a regulation. Two rescind interpretive policy statements outright. A third rescission of that kind is in the same batch, which makes three retired policy statements on chartering and field of membership alone.

The one a member would notice concerns insurance a member may not know they have.

What the 30-day rule did

Some federally insured credit unions buy private insurance above the $250,000 of federal share insurance that every member gets. Until now, a credit union had to tell its members 30 days before that extra cover ended. The final rule replaces the fixed period with a requirement to notify members before termination, and sets no minimum.

Eighteen people and organisations commented by the close of the period on 30 March. Twelve supported the change, five opposed it, and one proposed something else. The board adopted the proposal without any substantive change.

What the opponents said, and what the board said back

One commenter argued that 30 days is a clear and enforceable standard and that a bare requirement to notify beforehand is vague. Another said members have a right to transparency about their coverage, and that depositors' money should not be subject to the preferred efficiency of chief executives. Two more objected to the deregulatory programme as a whole rather than to this rule.

The board disagreed on the record. Its answer is that the requirement to notify members in advance of any reduction gives them adequate notice and a chance to restructure affected accounts, that the notice concerns only optional private cover above the federal $250,000, and that state law and the insurance contract still apply. Federal share insurance is not affected. The board says that twice.

The rest of the batch

The other ten cover credit union service contracts, corporate credit union chartering, disclosure that nonmember accounts are uninsured, segregated deposit and collateral requirements for suretyship and guaranty agreements, third-party servicing of indirect vehicle loans, the written policy lists and conflict of interest provisions attached to purchases and sales of eligible obligations, limits on loans to other credit unions, and three chartering policy statements dating from 2006, 2008 and 2010.

The suretyship rule drew 15 comments. Several of the others record commenters asking the agency to go further.