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FDIC Consumer News
Important Update: FDIC Insurance Coverage Increased in Late 2008
In the fall of 2008, Congress temporarily increased the basic FDIC insurance coverage limit from $100,000 to $250,000 through December 31, 2009. In addition, the FDIC simplified the rules for the calculation of deposit insurance coverage for revocable trust deposits, including an expanded definition of the "eligible beneficiaries" for additional insurance coverage. As a result, certain previously published information related to FDIC insurance may not reflect the current insurance coverage. For more information, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342) Monday through Friday, 8:00 a.m. to 8:00 p.m., Eastern Time. For the hearing-impaired, the number is 1-800-925-4618.
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Fall 2007
FDIC, Other Government Agencies Working to Help Borrowers
Banking and mortgage industry regulators, Congress and other government officials at the federal and state levels have been responding to the recent difficulties in the real estate market. "Working with our federal and state regulatory counterparts, insured institutions, the Congress, and other parties, we are eager to help find solutions for borrowers who have mortgages they cannot afford," said FDIC Chairman Sheila C. Bair.
As FDIC Consumer News went to print, Congress was considering various legislative proposals relating to mortgage lending. Federal and state government banking regulators, including the FDIC, have been encouraging financial institutions to identify creditworthy borrowers who may have mortgages they cannot afford and to contact these customers and pursue appropriate strategies to avoid foreclosures. The Federal Housing Administration has announced new programs to help borrowers. And, state regulators are developing a new nationwide system for licensing mortgage lenders and brokers, and are working to enhance consumer protections.
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