NASCUS Summarizes NCUA’s Fidelity Bond Rule

NCUA has finalized amendments to Part 713 and Part 704 regarding fidelity bond coverage for natural person and corporate credit unions. Part 713 applies to federally insured state-chartered credit unions (FISCUs) by reference in Part 741.201.

The Federal Credit Union Act (FCUA) requires credit unions to maintain fidelity bond coverage for certain employees and officials.

The final rule may be read here and the NASCUS summary can be found here. The rule is effective October 22, 2019.