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$250,000 NCUA share insurance protection now permanent

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 and credit 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.

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