Deposit Insurance Increase Extended
May 22, 2009 | Alliant Credit Union
On May 20, 2009, President Barack Obama signed the Helping Families Save Their Homes act into law. Of interest to credit union members is a provision of the bill that extends the higher $250,000 deposit insurance coverage through 2013.
In addition, the bill will create a Corporate Credit Union Stabilization Fund that will allow credit unions to spread the cost of National Credit Union Share Insurance Fund replenishment over a longer period of time with a total of up to eight years.
Alliant Credit Union President & CEO David W. Mooney commented, "This is a welcome development for credit unions and their members. It maintains a strong federal insurance fund in a responsible manner."
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