ALEXANDRIA, Va. –NCUA has added to its website a new section on financial technology. The agency said the update comes in response to inquiries and 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,” NCUA said. “By federal law, the Share Insurance Fund only insures shares and deposits held in federally insured credit unions.”
Meanwhile, NCUA said 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,” the agency said.
For additional info: Frequently Asked Questions About Share Insurance
NCUA to Host Webinar
Separately, NCUA said it will host a June 18 webinar highlighting the role of minority depository institutions in expanding access to the underserved, promoting economic growth, and fostering financial inclusion.
Online registration for this webinar, “How MDIs Serve Their Communities,” is now open, the agency said. The webinar is scheduled to begin at 2 p.m. Eastern and is expected to run one hour.
According to NCUA, Arlo Washington of People Trust Community FCU; Azul Sanchez of Comunidad Latina FCU, and Leilani Harpole of Otoe-Missouria FCU will share their experiences helping members and communities.
In addition, the webinar will include representatives from the Illinois and Louisiana credit union leagues, who will discuss how they support MDIs and leverage community partnerships to expand outreach, particularly to underserved communities, NCUA said.
Additional Details
NCUA reminded the webinar will be close captioned, and there is no charge. Participants will be able to log in and view the event on their computers or mobile devices using the registration link. They should allow pop-ups from this website.
Participants are encouraged to submit questions in advance by emailing WebinarQuestions@ncua.gov. The email’s subject line should read, “MDIs Serve.” Please email technical questions about accessing the webinar to either uccwebinar@ncua.gov or uccsupport@ncua.gov.
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