(Original Publication: July 22, 2010)
President Barack Obama yesterday signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. Included in this sweeping legislation are provisions making permanent the current $250,000 maximum federal deposit insurance level, which had been temporary until December 31, 2013.
Federally insured credit union member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith of the U.S. Government.
A temporary increase from $100,000 to $250,000 was effective from October 3, 2008, through December 31, 2009. On May 20, 2009, the temporary increase was extended through December 31, 2013, and now the $250,000 federal insurance protection becomes permanent.
NCUA partners with Suze Orman
Renowned personal finance expert, Suze Orman, has partnered with the NCUA to explain the similarities between NCUA and FDIC protection. As she says, “They’re virtually identical. NCUA protects the money you have in a credit union account up to $250,000, same as FDIC protects money in a bank account.”
Visit www.ncua.gov/NCUAsafe.aspx to view the NCUA Share Insurance Public Service Announcement with Suze Orman plus, find the NCUA’s Share Insurance Toolkit, e-calculator, FAQs and more.