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WASHINGTON-NCUA and the FDIC have invited interested parties to attend a briefing explaining how the federal deposit insurers plan to proceed in updating the systems following the passage of the Deposit Insurance Reform Act of 2006. The new law will increase deposit insurance coverage of individual retirement accounts and Keoghs from $100,000 to $250,000 once an implementing regulation is approved. In addition, the agencies will determine whether to index general deposit insurance coverage to inflation every five years, beginning in 2010 with any potential increase beginning in 2011. The regulators warned in the invitation to the March 13 briefing, “Congressional discussions and proposals leading up to the final legislation were widely publicized and have left many consumers with conflicting information about how the limits for federal deposit insurance coverage will change. Also, with the introduction of two different coverage limits for different kinds of deposit accounts, there is significant potential for ongoing customer confusion.” The credit union and banking trades were invited to attend as well as community organizations and other professional trade associations. NCUA Vice Chairman Rodney Hood and Acting FDIC Chairman Martin Gruenberg will provide overviews with senior agency staff filling in the details. An hour of the two-and-a-half hour meeting has been reserved for group discussion, according to the agenda. NCUA plans to issue a proposed rule to implement the changes at its March 16 board meeting.

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