At a Senate Banking Committee hearing last week, Senator Angela Alsobrooks recognized the MD|DC Credit Union Association for collaborating on a bipartisan deposit insurance reform proposal.

Senators Alsobrooks and Bill Hagerty introduced a measure to provide parity for credit unions and community banks by increasing deposit insurance coverage to $20 million for business checking accounts at institutions with assets under $250 billion.

“I’m also grateful for the support of the MD|DC Credit Union Association, which represents over 65 credit unions in Maryland and their more than 1.9 million members. Their CEO said that our legislation would deliver critical peace of mind by safeguarding the funds meant to support jobs, pay salaries, and meet key expenses which will strengthen trust in the financial system.” (Click below to watch the video)

The proposal, initially introduced as an amendment to the National Defense Appropriations Act in response to a string of bank failures last year, is now being considered as a stand-alone bill following additional review and study.