New legislation passed by the U.S. Senate on Oct. 1 (and to be considered by the House in the coming days) will increase the level of federal insurance for credit union savings to $250,000.

The same legislation will do the same for savings in banks insured by the Federal Deposit Insurance Corporation (FDIC).

“Federally-insured savings at credit unions will continue to have the same level of coverage as savings in federally-insured banks once this legislation is passed by the Congress,” said Mark D. Cummins, President & CEO of the Minnesota Credit Union Network.

“News stories about the increase in federal insurance need to reflect the fact that credit unions are included in the legislation,” Cummins added. “Minnesota’s 1.5 million credit union members across the nation need to know about this development.”

If passed by the U.S. House, the Emergency Economic Stabilization Act of 2008 would increase federal savings insurance coverage from $100,000 to $250,000. The increase would be temporary, taking effect from the date of enactment of the legislation until Dec. 31, 2009.

For more information, see www.cuna.org. For more information about credit union federal insurance coverage, see www.ncua.gov or www.creditunion.coop.