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FDIC Insurance Coverage Extended - PIA Update Bulletin: May 20, 2009

On Tuesday, May 19th, the U.S. House voted 367-54 to pass the Helping Families Save Their Homes Act. The Senate had voted 91-5 in favor...
May 22, 2009

On Tuesday, May 19th, the U.S. House voted 367-54 to pass the Helping Families Save Their Homes Act. The Senate had voted 91-5 in favor of the bill and approved the final version by unanimous consent.  The President is expected to sign this.

Designed to address further assistance for families suffering foreclosure challenges, the bill also extends the short-term increased depositor FDIC insurance coverage.

Through 2013, depositors' interests in FDIC insured accounts will continue to be $250,000.  The current emergency FDIC coverage increase was set to expire the end of this year, and revert back to the traditional $100,000 per depositor interest limit.

What It Means to Agents:  PIA is pleased with this progress and appreciates Congress' action in this matter.  PIA continues its efforts to have the FDIC insurance coverage limits made permanent and provide for $250,000 per account max coverage per depositor interest subject to an aggregate amount of $500,000 per single depositor interests across all FDIC insured accounts held in a single FDIC insured institution.

PIA Update Bulletin: May 20, 2009 (Word document)

Changes in FDIC Deposit Insurance Coverage May 20, 2009 (From FDIC website)