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Federal Register / Vol. 86, No. 35 / Wednesday, February 24, 2021 / Rules and Regulations
The Board concluded that these benefits would promote confidence in the credit union system and NCUA-insured shares.

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II. Final Rule This final rule follows publication of the May 2020 proposed rule. After carefully considering the comments and conducting further analysis, the Board affirms its rationale for issuing the proposal and is adopting the final rule as proposed, with one clarifying change.
Specifically, the Board is using alternative language to better convey that the examples of evidence of coownership in the proposed regulatory text do not define the only form of evidence that could satisfy the signature requirement. Pursuant to a suggestion from a commenter, the final rule revises proposed 745.8c2 by replacing such as with the phrase including, but not limited to, before the word evidence. Section 745.8c2 will now state that the signature card requirement may be satisfied by information contained in the account records of the federally insured credit union establishing co-ownership of the share account, including, but not limited to, evidence that the institution has issued a mechanism for accessing the account to each co-owner or evidence of usage of the share account by each co-owner. The Board finds that the phrase suggested by the commenter carries the same meaning as wording in the proposed rule and may eliminate any ambiguity that evidence in the account records other than the examples provided may be sufficient to establish joint ownership of a share account.
The Board also wishes to emphasize several key points made in the proposed rule and further discussed in response to comments received on the proposed rule.
First, the Board strongly emphasizes that this final rule only affects a requirement in the NCUAs regulations that must be satisfied for a share account to be separately insured as a joint account; it does not affect any other legal requirements applicable to FICUs. FICUs may, and likely will, for legal or other reasons, find it appropriate or necessary to continue collecting customers signatures.23 The changes made by this final rule do not modify or affect any state law requirements generally applicable to FICUs, including those that necessitate 23 See, e.g., 12 CFR part 701, appendix A, and corresponding state law requirements for federally insured, state-chartered credit unions.

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the collection and maintenance of customers signatures.
Second, this final rule also does not affect the general principles contained in 745.2 of the NCUAs share insurance regulations applicable in determining insurance of accounts.24
These general principles applicable in determining insurance of accounts continue to apply to all share accounts, including joint ownership accounts.
Finally, the Board believes it is important to reiterate that the final rule does not introduce any new requirements for an account to be insured as a joint account, and would not reduce or affect insurance coverage for any account for which the existing joint account requirements are satisfied.
The final rule simply provides an alternative method to satisfy the existing signature card requirement for share insurance purposes. If each co-owner of a joint account signs, or has previously signed, a membership card or account signature card in accordance with the existing requirement and the FICU can produce it, then the alternative method would be unnecessary. Assuming that the remaining qualifying joint account requirement is satisfiedthat is, both co-owners possess equal withdrawal rightsand all other membership requirements are met,25 the account would be insured as a joint account. The final rule applies to all FICUs and does not impose any increased burden or new recordkeeping requirements for joint accounts.
III. Legal Authority The Board has issued this final rule pursuant to its authority under the FCU
Act. Under the FCU Act, the NCUA is the chartering and supervisory authority for FCUs and the Federal supervisory authority for FICUs.26 The FCU Act grants the NCUA a broad mandate to issue regulations governing both FCUs and FICUs. Section 120 of the FCU Act is a general grant of regulatory authority and authorizes the Board to prescribe rules and regulations for the administration of the FCU Act.27
Section 207 of the FCU Act is a specific grant of authority over share insurance 24 12

CFR 745.2.
limited exceptions, the FCU Act generally limits NCUA share insurance coverage to member accounts. 12 U.S.C. 17525. Despite this general limitation, the FCU Act and the NCUAs regulations do allow a nonmember to become a joint owner with a member on a joint account with right of survivorship. 12 U.S.C. 1759a. The regulations provide that a nonmembers interest in such accounts will be insured in the same manner as the member joint owners interest. 12 CFR 745.8e.
26 12 U.S.C. 17521775.
27 12 U.S.C. 1766a.
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coverage, conservatorships, and liquidations.28 Section 209 of the FCU
Act is a plenary grant of regulatory authority to the NCUA to issue rules and regulations necessary or appropriate to carry out its role as share insurer for all FICUs.29 Accordingly, the FCU Act grants the Board broad rulemaking authority to ensure that the credit union industry and the NCUSIF remain safe and sound.
IV. Discussion of Public Comments Received on the Proposed Rule A. The Public Comments, Generally The NCUA received 11 comments on the proposed rule. All 11 commenters noted their support for the proposed rule. Rationale commenters offered for supporting the rule included: A belief that the proposed rule would provide increased flexibility and would maximize the opportunity for legitimate joint account holders to receive the proper share insurance coverage;
recognition that the proposed rule would facilitate the prompt payment of share insurance in the event of a FICUs failure; and agreement with the proposed rules assertion that it is important to maintain parity between the nations two Federal deposit/share insurance programs and to provide credit union members with equal access to insurance coverage. Several commenters also emphasized that the proposed change is especially important given the challenges posed by COVID
19 and the resulting economic uncertainty.
While all 11 commenters supported the proposed rule, commenters did provide a number of suggestions for improving the rule. As discussed more thoroughly below, suggestions for improvement focused on two areas: 1
The type of evidence the NCUA could look to for evidence of co-ownership that would fulfill the signature card requirement; and 2 clarifications regarding the applicability of state law.
The NCUA also received comments noting appreciation for the NCUAs longstanding position that the signature requirement may be satisfied electronically, consistent with the E
SIGN Act. Additionally, the NCUA
received one comment addressing coowned revocable trust accounts. Coowned revocable trust accounts are outside the scope of this rulemaking.
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U.S.C. 1787b1.
U.S.C. 1789a11.

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