Published: October 03, 2008

Credit Unions Included In Economic Stabilization Bill

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Bill would increase deposit insurance at credit unions as well as at banks

DALLAS, Oct. 3 /PRNewswire-USNewswire/ -- The Economic Stabilization bill voted on in the House (which was voted on by the Senate on Wednesday) calls for the increase in deposit insurance from $100,000 to $250,000. The deposit insurance increase does not only apply to banks, but also covers the seven million of members of credit unions inTexas.

"Credit union members can rest assured that credit unions are also federally insured and covered by this increase in deposit insurance," said Texas Credit Union League President and CEO, Dick Ensweiler.

The bill must still be signed into law. As written the bill will maintain insurance parity between financial institutions - for profit banks and not for profit credit unions.

For more about federal savings insurance at credit unions, see the "America's Credit Unions" website at www.creditunion.coop.

About Texas Credit Union League

The Texas Credit Union League is the official trade association for credit unions within theState of Texas. The League represents, on a state and federal level, nearly 600 credit unions state-wide, which are owned by over 7 million members (about one-third of the state's population). Organized in 1934, the Texas Credit Union League protects credit unions and promotes their growth, strength and unity. It accomplishes the mission through advocacy services, regulatory and compliance advice, training and event activities, marketing and public relations actions, and by delivering innovative, high value and profitable business solutions to the members. For more information, visit www.tcul.coop and www.creditunionmember.org; write to us at 4455 LBJ Freeway, Suite 1100,Dallas, Texas 75244.

SOURCE Texas Credit Union League