Credit Unions Included in Senate Bill Insurance Increase

DALLAS, Oct 01, 2008 /PRNewswire via COMTEX/ -- Tonight's bill voted on in the Senate calls for the increase in deposit insurance from $100,000 to $250,000. The deposit insurance increase does not only apply to banks, but also covers the seven million of members of credit unions in Texas.

The bill must still pass the House, however, it's clear that our elected officials plan to maintain insurance parity between financial institutions -- for profit banks and not for profit credit unions.

We urge members of the media to inform their readers, who have been contacting credit unions with concerns that news stories mention only "bank" insurance, that credit unions are also federally insured and covered by this increase in deposit insurance. Read More

Source: MarketWatch