New FDIC Insurance|Level Is Made Permanent

WASHINGTON (CN) – The Federal Deposit Insurance Corporation is making permanent the standard maximum deposit insurance amount of $250,000 for individual accounts at participating banks. This implements the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed July 21.     The standard maximum deposit insurance amount was raised from $100,000 in 2008 under the Emergency Economic Stabilization Act and has remained at $250,000 under other measures established in the aftermath of the financial meltdown of 2008.     The Dodd-Frank Act made the increase retroactive to Jan. 1, 2008 for deposits held at banks that closed between that date and Oct. 3, 2008, when the Emergency Economic Stabilization Act was signed.