ALEXANDRIA, Va.-NCUA issued a proposed rule at last week's board meeting to update its official NCUA-insured signage for federally-insured credit unions.
With the increase in federal deposit insurance coverage for certain retirement accounts after deposit insurance reform was signed into law, NCUA and the FDIC are working together to bring their respective signage in line with the changes. The new language would reflect the increase and include the statement that accounts insured by the NCUSIF are "backed by the full faith and credit of the United States Government."
NCUA will bear the cost of the new signage, estimated at approximately $125,000, for credit unions the first time around. This is consistent with the agency's practice for new credit unions.
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