Section 747.207 - Notice of termination of insured statusPrior to the effective date of the termination of the insured status of an insured credit union under section 206(b) of the Act (12 U.S.C. 1786(b) ) and at such time as the Board shall specify, the credit union shall mail to each member at his or her last address of record on the books of the credit union, and publish in not less than two issues of a local newspaper of general circulation, notices of the termination of its insured status, and the credit union shall furnish the NCUA Board with proof of publication of such notice. The notice shall be as follows:
NOTICE
(Date)
1. The status of the ______ as an insured credit union under the provisions of the Federal Credit Union Act, will terminate as of the close of business on the ____ day of ____;2. Any deposits made by you after that date, either new deposits or additions to existing accounts, will not be insured by the National Credit Union Administration;3. Accounts in the credit union on the ____ day of ____, ____ up to a maximum of $250,000 for each member, will continue to be insured, as provided by the Federal Credit Union Act, for one (1) year after the close of business on the ____ day of ____, ____: Provided, however, That any withdrawals after the close of business on the day of ____, ____; will reduce the insurance coverage by the amount of such withdrawals. (Name of Credit Union)
(Address)
56 FR 37767, Aug. 8, 1991; 57 FR 523, Jan. 7, 1992, as amended at 75 FR 34622, June 18, 2010; 85 FR 62213, Oct. 2, 2020