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October 1, 2008 - National Credit Union Administration Chairman Michael Fryzel announced Tuesday that the agency supports the increase in insurance limits for the National Credit Union Share Insurance Fund (NCUSIF) and the Federal Deposit Insurance Corporation (FDIC).
Currently, each credit union share account is insured up to $100,000. Legislation passed last year increased the insurance coverage on certain retirement accounts, such as IRAs and Keoghs, up to $250,000. The FDIC and NCUA are asking Congress to increase the basic insurance per account to $250,000.
“Increasing federal insurance coverage for credit union members would send an important signal of reassurance at a time when confidence in depository institutions generally has been compromised by market events,” Chairman Michael Fryzel said in a September 30 agency press release. “The NCUA has been in constant contact with our fellow regulators as well as congressional leaders. I commend FDIC Chairwoman Sheila Bair for her leadership on this issue, and I cannot overstate how important it is that the protections offered by our two insurance funds remain parallel. The funds of working Americans are equally important, whether those accounts belong to credit union members or bank customers.”
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