|Received:||6/3/2005 2:49:56 PM|
|Organization:||Garfield Community Credit Union|
|Agency:||Federal Trade Commission|
|Rule:||Disclosures for Non-Federally Insured Depository Institutions under the Federal Deposit Insurance Corporation Improvement Act (FDICIA)|
Comments:We are very pleased to have ASI as our deposit insurer. As a State credit union in Ohio, we can choose either a private insurer or NCUA. We switched from NCUA to ASI for three reasons. First, ASI as an insurer is stronger in capital per deposit dollar. Second, we can offer our members more coverage. Finally, NCUA's treatment to us as a second regulator was unnessessary. We have gladly informed depositors that we are not federally insured. The latest proposed requirements are not reasonable. Once credit unions insured by NCUA be required to notify depositors that their deposit insurer is not as strong as some private insurers, the proposed disclosure rule will be reasonable.