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ALEXANDRIA, Va.-NCUA has distributed a letter to federally insured credit unions notifying credit unions of the two pieces of legislation overhauling federal deposit insurance. The Deposit Insurance Reform Act of 2005 and Federal Deposit Insurance Reform Conforming Amendments Act of 2005 alter the coverage levels of the NCUSIF and the FDIC as well as reorganizing the FDIC funds among other things. “Credit unions and their members should know the new laws maintain parity between insurance coverage offered by NCUA and the FDIC,” Letter to Credit Unions 03-CU-05 read. “They should also know NCUA issued an interim final rule with request for comments implementing these changes today.” The letter states that credit unions and their members can expect an increase to $250,000 in coverage for certain retirement accounts as of April 1, according to a recent NCUA interim final rule; an expansion for pass-through coverage on employee benefit plans regardless of credit union membership; and official logo changes to include the language “backed by the full faith and credit of the United States Government.” It also said that general insurance coverage could increase beginning in 2010, as determined by NCUA and the FDIC with regard to inflation. “I encourage you to share these exciting changes with your members,” NCUA Chairman JoAnn Johnson wrote. “America’s 85 million credit union members will greatly benefit from this reform.”

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