ALEXANDRIA, Va. — In near-record time, NCUA closed its Sept. 21 board meeting upon finalizing updates to its deposit insurance rules.
NCUA, along with the FDIC, were charged with updating deposit insurance coverage after the president signed the Federal Deposit Insurance Reform Act of 2005 and another conforming amendments bill into law early this year. In April, both agencies had approved interim final rules to increase coverage for certain accounts while indexing others, as well as other adjustments and clarifications.
Specifically, the final rule the NCUA Board approved last week:
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