NCUA Raises Insurance Coverage OnRetirement Accounts

ALEXANDRIA, Va. - (03/17/06) – The NCUA Board approved a ruleThursday to cover recently passed legislation which more thandoubles federal deposit coverage on certain retirement accounts.NCUA’s rule increases the coverage limit provided by theNational CU Share Insurance Fund on April 1 for certain retirementaccounts such as IRAs and Keoghs from $100,000 to $250,000. The newrule also requires NCUA and the banking regulators to start lookingat increasing the coverage on regular accounts in 2010, based onthe rate of inflation. The increase in deposit insurance limits isthe first one since 1980.