The NCUA has added a new financial technology and digital assets section to its website. The webpage includes frequently asked questions (FAQs) about share insurance coverage and custody for cryptocurrencies and digital assets, as well as information about the agency’s Financial Technology Team.
Of note, the FAQs clarify that the National Credit Union Share Insurance Fund does not insure digital assets or cryptocurrencies. By federal law, the Share Insurance Fund only insures shares and deposits held in federally insured credit unions.
The FAQs also note that federal credit unions are not authorized to serve as a custodian for cryptocurrencies and other digital assets. In addition, 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. More information can be found on the share insurance FAQ page.
The webpage can be found in the Regulatory & Compliance Resources section under the Regulation and Supervision portion of the NCUA’s website.
America’s Credit Unions’ legacy organizations previously asked the NCUA to permit credit unions to custody digital assets and will continue to engage the agency, Treasury Department, and other federal financial regulators on this topic.
