WASHINGTON (10/8/08)—For the third time in a week, President George W. Bush included federal credit union share insurance in public remarks.
Click to hear President Bush talk about federal insurance for your savings at credit unions
The Credit Union National Association (CUNA) urged the President Sept. 24 to instruct those within his administration to include federal credit union share insurance in messages meant to reassure Americans about the safety of their federally insured deposits. At a small business in Chantilly, Va., Bush spoke in support of the recently enacted Emergency Economic Stabilization Act of 2008. In his remarks, Bush said of the measure: “It temporarily expands federal insurance; bank and credit union deposits of up to $250,000. That's important. In essence, it's a safeguard for a lot of small businesses and a lot of families.” John Magill, CUNA senior vice president of legislative affairs, said, "In addition to our letter to the President, we also talked to the White House at the highest levels and they agreed that credit union share insurance should be mentioned in future remarks. They are making good on that now."