ESI Considering Expansion to Arizona and Wyoming
Posted by John Trull on January 29, 2024
A recent meeting between the Arizona and Wyoming Credit Union leadership and Excess Share Insurance (ESI) leadership team was primarily focused on the details and potential benefits of excess share insurance for credit unions. The credit unions from both states showed a strong interest in this product, recognizing its value and potential impact on their operations.
A significant portion of the discussion revolved around understanding the intricacies of excess share insurance and how it could be implemented effectively within their systems. The participants engaged in an in-depth exploration of the operational, regulatory, and financial aspects of incorporating excess share insurance into their services.
The key outcome of this meeting was ESI’s indication that Arizona and Wyoming would be prioritized for the expansion of their excess share insurance product. This decision, however, is subject to regulatory approval. The implication here is that, once regulatory hurdles are cleared, credit unions in these states could potentially have access to Excess Share Insurance, which would offer an added layer of protection to their members’ deposits beyond the standard insurance limits.
This meeting marks a t step forward in the potential expansion of excess share insurance in the US, particularly in Arizona and Wyoming, and sets the stage for future regulatory and operational developments in this area.
Watch the meeting between Arizona and Wyoming CU leaders and ESI here.