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News flash: Every credit union does not have to use NCUA’s National Credit Union Share Insurance Fund.

Repeat: does not.

Alas, federally chartered credit unions have no choice but to use NCUA's insurance product. But state chartered institutions do have a choice.

Meet Theresa Mason, CEO of American Share Insurance which provides primary share insurance to around 100 state chartered credit unions in 10 states and it also provides excess share insurance to cover accounts up to $5 million and that’s a product NCUA doesn’t offer.

American Share Insurance’s Excess Share insurance subsidiary also is the insurer for the Military Banking Facilities aka Community Bank that now are operated by Navy Federal. NCUA said it couldn’t insure this because the National Credit Union Act prohibits coverage of non credit union assets.

The MBF operates 60 MBFs and 272 ATMs at DoD facilities overseas.  In the show Mason relates how her company scrambled to put together the needed coverage - it’s a good story of innovation on the fly.

Mason, in the show, talks about plans to expand American Share Insurance’s footprint into more states.

Listen up.

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