NCUA and the banking agencies last week implemented new rules to cover recently passed legislation more than doubling federal deposit coverage on retirement accounts.
NCUA's new rule increases the coverage limit provided by the National CU Share Insurance Fund on April 1 for certain retirement accounts such as IRAs and Keoghs from $100,000 to $250,000. The new rule also requires NCUA and the banking regulators to start looking at increasing the coverage on regular accounts in 2010, based on the rate of inflation.
The increase in deposit insurance limits is the first one since 1980.
The Journal's Ed Roberts can be contacted at eroberts
