The change codifies legislative changes that occurred with the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July. The $250,000 federal deposit insurance coverage limit had been set to expire on Dec. 31, 2013.
"This enhancement in federal insurance coverage is an extremely visible and important benefit to consumers, and NCUA is committed to making sure that the financial public is fully aware of the newly permanent $250,000 limit," stated NCUA Chairman Debbie Matz. "That's the main reason we have asked nationally known personal finance expert Suze Orman to promote the new coverage limit through a national media awareness campaign. Suze brings a tremendous level of credibility and knowledge to our efforts to ensure that consumers are fully aware of the safety and strength of federally insured credit union accounts, and I cannot think of a more authoritative and visible spokesperson to have in our corner."
The board also amended the official sign rule to reflect the change.
For more information about NCUSIF insurance coverage visit the E-Calculator.