Sens. Bill Hagerty (R-TN) and Angela Alsobrooks (D-MD) introduced legislation that would seek to empower Main Street banks and credit unions by boosting their deposit insurance coverage for noninterest-bearing transaction accounts.
The Senate Republican and Democrat introduced the Main Street Depositor Protection Act, which would provide $10 million in additional deposit insurance coverage for noninterest-bearing transaction accounts at eligible banks and credit unions. The legislation serves to enhance financial stability.
Jim Nussle, president and CEO of America’s Credit Unions, said in a statement backing Hagerty and Alsobrooks’s…
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