The MD|DC Credit Union Association is applauding a bipartisan amendment to the National Defense Authorization Act (NDAA) sponsored by Senators Angela Alsobrooks (D-MD) and Bill Hagerty (R-TN) to modernize the federal deposit insurance system.

The proposal would raise federal deposit and share insurance coverage up to $20 million for non-interest-bearing business accounts at community banks and credit unions under $250 billion in assets. These accounts often hold payroll and operating funds, making them essential to small business stability.

“We want to thank Senators Angela Alsobrooks and Bill Hagerty for sponsoring this amendment,” said John Bratsakis, MD|DC Credit Union Association President/CEO. “By increasing coverage for small business accounts, this proposal will protect both the businesses and the financial institutions at the heart of our communities, ensuring their stability and continued vitality.”

A hearing on the amendment is expected next week. The Association continues to work with Sen. Alsobrooks to support this effort.