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FDIC Extends Deposit Insurance Limit
Posted on May 26th, 2009 No commentsThe temporary increase in bank deposit insurance to $250,000 has been extended for four years, the Federal Deposit Insurance Corp. announced in a letter to financial institutions on May 22. The standard maximum insured amount was increased to $250,000 last fall, but was set to return to $100,000 at the end of 2009. The temporary increase has now been extended through 2013. Read the Business Journal article.
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Red Ink for Many Wis. Credit Unions
Posted on May 26th, 2009 No commentsThe first-quarter financial results for Wisconsin’s biggest credit unions are “stunningly bad,” the Milwaukee Journal Sentinel reported. Eight of 10 posted losses – most of them losses of more than $1 million. “The Wisconsin Office of Credit Unions has been holding off on publishing its quarterly financial report on credit unions, aware of how awful the numbers looked,” according to the article. Credit union deposit insurance changes will allow many to restate their earnings.