By Konnie M. Werner, President/CEO
Great news! Recently introduced legislation being considered would give credit union members even greater insurance protection for their savings accounts. If passed, the National Credit Union Administration (NCUA) would increase the amount of insurance coverage for individual accounts up to $250,000 possibly as soon as next week. This proposed change would provide additional insurance and confidence that your credit union account is even more secure. I wanted to share this news with you and will keep you updated about any changes.
President Bush has recently signed into law HR 1421, the financial market bailout bill. Included in this law is an increase of the NCUA insurance coverage for credit union savings accounts from $100,000 to $250,000. We are still receiving the details of this new law and how it impacts the credit union and our membership. We will keep you informed about the specific changes as we get additional information.