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Credit Union Members Get Increased Federal Insurance Protection in Emergency Economic Stabilization Act, H.R. 1424
WASHINGTON-(Business Wire)-October 3, 2008 - National Association of Federal Credit Unions (NAFCU) President Fred Becker lauded the inclusion of full parity for credit unions with other federally insured financial institutions in the Emergency Economic Stabilization Act that President Bush signed this afternoon.
“We cannot emphasize enough that credit unions are sound and that they did not cause the economic troubles that this package addresses,†Becker said. “It is also important, however, that credit unions are not disadvantaged under this measure, and we thank the leaders in both the House and Senate and in the administration for recognizing and addressing that concern.â€
Becker added NAFCU’s lobbyists and the National Credit Union Administration (NCUA), the independent federal agency that oversees credit unions, worked diligently with lawmakers to safeguard the interests of nearly 90 million credit union members.
The inclusion of credit unions in H.R. 1424 increases the level of federal deposit insurance for credit unions in individual share accounts to $250,000, the same level as the Federal Deposit Insurance Corporation (FDIC). The increase would be temporary, taking effect from the date of enactment of the legislation until Dec. 31, 2009.
“This legislation ensures that credit unions can continue to offer their members the competitive rates and great service they have come to expect, with their deposits fully insured up to the new amounts by the U.S. government,†said Becker.
Consumers can see for themselves how credit unions compare with banks by visiting www.nafcu.org/dailyrates; and to find a credit union, they can go to www.ncua.gov.
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.
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