June 15, 2016

 

Indiana’s George McNichols appointed by Governor to Board for Depositories

INDIANAPOLIS -- Indiana Governor Mike Pence has appointed Hoosier Hills CU President/CEO George McNichols to the Indiana Board for Depositories. The appointment is for a four-year term that runs until June 15, 2020.

 

“This appointment marks the first time that a credit union representative has served on the board,” said League President John McKenzie. “George is well-deserving of this honor, and we congratulate him.”

 

The Board for Depositories administers Indiana’s Public Deposit Insurance Fund (PDIF) that was created in 1937 to insure the public funds of the State of Indiana and its political subdivisions (counties, cities, towns, schools, etc.) to the extent they are not covered by federal or private deposit insurance. The Board is tasked with approving financial institutions to be public fund depositories, collecting and monitoring information related to the level of public funds on deposit in the state as well as monitoring the financial strength of approved financial institutions. The Board also is responsible for determining the adequacy of the PDIF to cover loss and has the authority to levy assessments against approved depositories if the fund is not actuarially sound (no fees have been necessary since 1985). Members of the Board for Depositories include the: Governor, State Treasurer, State Auditor, Chairman of the Department of Financial Institutions, Chief Examiner of the State Board of Accounts, and four appointed members representing approved depositories.

 

McNichols is a past League Chairman, and a member of the Indiana Credit Union Hall of Fame. He currently serves the League as a member of its Governmental Affairs Committee, Political Involvement Leadership Advisory Group and Board Development/Election Review Committee. He is also a former member of CUNA’s Governmental Affairs Committee.