Message from PSECU's President - A Change to Share Insurance
As you may have heard, President Bush signed into law the economic rescue plan (Emergency Economic Stabilization Act of 2008).
One piece of this recently passed legislation that will affect credit unions is the increase in federal deposit insurance. Although you may hear about increases in the FDIC (Federal Deposit Insurance Corporation) insurance coverage, please be assured that the federal credit union insurance fund, NCUSIF (National Credit Union Share Insurance Fund) was increased by an equal amount with this legislation.
PSECU, like credit unions around the country, will have share insurance coverage increased up to $250,000. We will continue to inform you about issues that may be on your mind as the country works through this current situation.
Sincerely,
Gregory A. Smith
President