Replies to post #236703 on Mr Cooper Group Inc (COOP)

[Gmenfan]

http://www.fdic.gov/regulations/laws/rules/5000-1550.html
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http://www.law.cornell.edu/uscode/12/usc_sec_12_00001835----000-.html

(c) Qualified institutions criteria
An insured depository institution is a qualified insured depository institution for purposes of this section if, without regard to the accounting principles or capital requirements referred to in subsections (a) and (b) of this section, the institution is—
(1) well capitalized; or
(2) with the approval, by regulation or order, of the appropriate Federal banking agency, adequately capitalized.
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http://answers.yahoo.com/question/index?qid=20070902103734AAsIYgB

Best Answer - Chosen by Voters
Insured depository institutions refers to financial institutions (banks, credit unions, etc.) that accept deposits and have federal insurance (FDIC, NCUA, etc.). I think it means you need to have someone from your financial institution confirm your identity. The best thing to do is call your financial institution and ask them about it. Most likely, they will have seen this type of request before and will know what to do.

Corporate Credit Unions are basically credit unions for credit unions. Corporates do not have natural person (i.e. regular people like you and me) as members. Instead, the members of corporate credit unions are credit unions. I don't know if they can help verify your identity.

Here is a link to a website that has more information about corporate credit unions:

http://www.theaccu.org/start.html

[Donald Hollinger]

Did Wamu ever realy fail? I thought it was bought by the bad guys.

[steelheader7]

Jestiron;look at page 3.

http://www.fdic.gov/news/board/DEC152009no5.pdf