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October 7, 2008 - The National Credit Union Administration held a free webinar October 7 to report on changes in insurance coverage stemming from federal legislation passed last week.
The Emergency Economic Stimulus Act was signed into law on October 3 which includes a provision to temporarily increase the deposit and share insurance coverage for banks and credit unions. The increase to $250,000 from $100,000 begins the date of enactment of the act and ends December 31, 2009.
The increase to $250,000 in coverage applies to credit union share accounts insured by the National Credit Union Share Insurance Fund (NCUSIF), which insures more than 95 percent of the nation’s state-chartered credit unions.
For credit unions, the NCUA informed participants in the webinar that new signage and documents reflecting the $250,000 insurance coverage change would be available soon and sent to credit unions.
To view resources on credit union share insurance follow this link to the NCUA Web site to its “Share Insurance Tool Kit.” NCUA has also developed a helpful question and answer resource about share insurance that can be accessed here.
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