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Fryzel Asks Paulson for Parity on Insurance

ALEXANDRIA, Va. -- Saying his agency lacks the statutory power to do it, NCUA Chairman Michael E. Fryzel today asked Treasury Secretary Henry Paulson to give noninterest bearing accounts at credit unions the same unlimited deposit insurance as those accounts have at banks.

By Claude R. Marx | Updated on October 23, 2008

ALEXANDRIA, Va. — Saying his agency lacks the statutory power to do it, NCUA Chairman Michael E. Fryzel today asked Treasury Secretary Henry Paulson to give non-interest bearing accounts at credit unions the same unlimited deposit insurance as those accounts have at banks.

“Based on the belief that the policies of the National Credit Union Share Insurance Fund (NCUSIF) should be generally consistent with those of the FDIC, I believe that there should be full share insurance coverage for non-interest-bearing transaction accounts temporarily through 2009,” Fryzel wrote Paulson.

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