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Washington
Official insurance signs have March 2011 deadline
WASHINGTON (9/3/10)--Starting March 2, 2011, federally insured credit unions must abandon any jury-rigged public displays that disclose a 2006 change in law that increased share insurance levels to $250,000, up from $100,000. That increase was first approved on a temporary basis and the National Credit Union Administration has allowed credit unions, in effect, to magic-marker over existing signage to declare that the ceiling has been raised. However, enactment of the Dodd-Frank Reform and Consumer Protection Act (Dodd-Frank Act) on July 21 made the $250,000 standard maximum share insurance amount (SMSIA) permanent. And while the SMSIA is still subject to adjustments for inflation, such an adjustment will not be made until the value of the $100,000, inflation adjusted since 2005, exceeds the current SMSIA. That is not expected to happen in the foreseeable future. So the NCUA, in a Federal Register document published Thursday, said all federally insured credit unions need to display updated official signage as of the March 2011 compliance date. The Federal Register document noted that the higher SMSIA became permanent as of Sept. 2.
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