CU*NorthWest Offers New Share Insurance Reportse

CU*NorthWest, a data processing CUSO serving the Northwest announced today it has now made it much easier for its client credit unions to analyze the amount of member deposits covered by the National Credit Union Share Insurance Fund (NCUSIF).

With the new NCUA Share Insurance Report feature, added with release 9.0 of the flagship core data processing system, member accounts are aggregated by SSN/TIN to produce reports for Singly-held accounts, Jointly-held accounts, IRA accounts, Revocable Trusts, Coverdell Education Savings accounts, Excluded Memberships, and finally a separate Summary Report with grand totals from the various sections to be used in filling out the credit unions quarterly 5300 Call Report.

According the CUSO, CU*NorthWest is pleased to be releasing such a needed tool to assist credit union in the calculations and member coverage analysis in time to help its credit union clients prepare for the deadlines coming this fall for changes to the share insurance premiums.

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