<p>DUBLIN, Ohio – If it wasn’t for one provision out of the many covered in the House and Senate versions of bills to reform federal deposit insurance, American Share Insurance’s Dennis Adams wouldn’t be concerned. ASI’s president, though, is keeping an eye on the bill’s provision that would double deposit insurance coverage of retirement accounts. “If they double the coverage on retirement accounts, that could equalize our differences,” said Adams. H.R. 3717, “The Safe and Fair Deposit Insurance Act of 2002″ would double the insurance for certain retirement accounts, based on the new deposit insurance coverage limit, S. 1945, “The Federal Deposit Insurance Reform Act of 2002″ raises insurance coverage on retirement accounts to $250,000. ASI currently insures $250,000 per individual member account. “That would erase our market advantage as far as retirement accounts are concerned,” said Adams. Adams is less concerned for two reasons with the proposed bills’ provisions to increase deposit insurance coverage for insured deposits from $100,000 to $130,000. First, ASI insures up to $250,000, and second the coverage is per accounts, versus federal insurance which is per account holder. “Even if they increase the coverage, we’ll still have an advantage. We always have. We provide greater insurance coverage by design. Raising the federal insurance limit won’t change things as far as that’s concerned,” said Adams.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.