United Texas Credit Union has converted from a federal charter to a state charter, swapping out federal deposit insurance for private insurance coverage along the way, according to the CU's new insurance provider, American Share Insurance.
According to ASI, United Texas CU President and CEO Kyle Ashley felt ASI’s “broader coverage and business-partner philosophy would complement the credit union’s strategic initiatives.”
Ashley also cited the state’s flexible field of membership rules that allow the credit union to “better serve their members’ financial needs.” In addition, local supervision and lower regulatory fees also played a role in the decision by the credit union to convert.
ASI is a member-owned share guaranty corporation, licensed by the Ohio Department of Insurance, dual-regulated by the Ohio Departments of Insurance and Commerce and was approved to provide private share insurance in Texas by the Texas Credit Union Department.
