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GenFed Financial CU to switch from federal insurance to American Share

GenFed Financial Credit Union deposits are no longer insured by the federal government. The National Credit Union Administration on March 27 approved the Akron, Ohio-based entity's request to be insured instead by American Share Insurance, Keith Leggett noted in a May 25 blog post.

GenFed joins Lubbock, Texas-based Alliance Credit Union; Moscow, Idaho-based Latah Credit Union; and Glendale, Calif.-based Glendale Area Schools Credit Union, which in 2016 all converted from a federal charter to a state charter and to private insurance by American Share.