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News Now

CU System
Texas newspaper receives flurry of calls about CU insurance
SAN ANTONIO (11/10/08)--A newspaper column about the Federal Deposit Insurance Corp.'s new coverage limits on deposits brought a flurry of calls and e-mails from credit union members. The result: a separate column specifically about credit unions' federal insurance. San Antonio Express-News columnist David Uhler, who writes the Go-to-Guy column, said all members who wrote in or called wanted to know: "What about us?" (San Antonio Express-News Oct. 28). He wrote that the Emergency Economic Stabilization Act of 2009's passage raised not only FDIC's deposit insurance limits but also required the National Credit Union Administration (NCUA) to raise its share insurance protection on all types of accounts. Uhler interviewed John Worthington, senior vice president at Security Service FCU in San Antonio, who noted that the changes in deposit insurance limits happened so quickly that the credit union's latest newsletter still has the old NCUA limits. A lot of signage and other things will have to be changed, he said. Worthington said NCUA sent an advisory to credit union managers about Uncle Sam posters it mailed recently to all federally insured credit unions. Because press time for the posters occurred before the act was passed, the posters did not reflect the insurance coverage increase. NCUA suggested either striking through the $100,000 limit on the old posters and substituting $250,000, or ordering new posters from NCUA's website.
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