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.