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NCUA updates graphics for 250K insurance
ALEXANDRIA, VA. (10/9/08)--The National Credit Union Administration (NCUA) said yesterday it has updated its collection of printed and online materials that communicate increased federal share insurance to consumers. The changes were made after President George W. Bush signed into law the “Emergency Economic Stabilization Act of 2008” on Oct. 3, which temporarily increases federal deposit insurance coverage. The new law will remain in place through Dec. 31, 2009. It provides for an increase in the minimum National Credit Union Share Insurance Fund (NCUSIF) coverage from $100,000 to $250,000 on member share accounts.
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NCUA said it has updated the “Your Insured Funds” and “How Your Accounts Are Federally Insured” brochures to reflect the increased NCUSIF coverage. Updated versions of the brochures, NCUA insurance signs and labels, FAQs, print ads, and other insurance-related information are available on NCUA’s website in the Share Insurance Tool Kit. Use the resource link below to access. The agency said it is printing updated brochures and revised NCUA insurance signs and decals, and during the next few weeks will “mail a modest number of these items free of charge to all federally insured credit unions.” The Share Insurance Calculator is in the process of being updated, as a joint project with FDIC. NCUA said will notify credit unions when complete. Meanwhile, a freshly-shipped batch of the new posters featuring Uncle Sam, emphasizing that member deposits are backed by the full faith and credit of the U.S. Government already are outdated. “Because the posters were shipped just days before the passage of the Emergency Economic Stabilization Act, they do not reflect the increase in coverage,” said NCUA. Credit union managers have two options to bring the posters up-to-date:
* Strike through the $100,000 on the poster and write in $250,000 in a visually noticeable way; * A downloadable file of the updated poster, with the new $250,000 limit printed, is available on NCUA’s website.
NCUA said it will issue a “Letter to Credit Unions” with similar information. “Should you have questions, please contact your district examiner, regional office, or state supervisory authority,” said the agency. Use the link below to access the NCUA materials.
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