NCUA Raises Insurance Coverage OnRetirement Accounts

March 17, 2006, 1:00 a.m. EST 1 Min Read

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.NCUAs 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.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

AML

Senate Republicans propose raising SAR threshold to $30K

Senate Banking Committee Republicans, led by committee chair Tim Scott, R-S.C., introduced a bill that would raise the mandatory reporting threshold for certain currency transactions, a move meant to ease banks' anti-money laundering compliance obligations.

By John Heltman

52m ago
ILCs

Warren calls on FDIC to again pause ILC approvals

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., is urging the Federal Deposit Insurance Corp. not to approve new Industrial Loan Company charters until Congress passes a law subjecting ILCs to bank holding company rules.

By John Heltman

2h ago
Payments

Why some banks are saying yes to stablecoins, and others are saying no

Banks and credit unions are steering away from stablecoins chiefly due to lack of customer demand, per new American Banker research.

By Frank Gargano

2h ago
Stablecoin

Inside Paxos and Aleo's 'stablecoin salaries'

The two companies are collaborating on making the digital asset private for payroll and other business transactions. While it's unusual, as the most well-known stablecoins are on public ledgers, tech firms are warming to the idea.

By John Adams

8h ago
Zions Bancorp.

Zions is 'confident' in credit despite Wall Street battering

Following a $60 million credit hit, the Salt Lake City bank said that it hasn't found any other related problem loans.

By Catherine Leffert

October 20
M&A

Two Illinois community banks agree to merge in $170M deal

The parent company of Heartland Bank and Trust plans to acquire a smaller bank based in Carlinville, Illinois. The acquisition would give the buyer added heft in Central Illinois, as well as the Chicago and St. Louis metro areas.

By Kevin Wack

October 20