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S&L’s Federally
Insured
What happened in Ohio cannot happen in Virginia, says the Virginia League of Savings Institutions.
Unlike the ailing Ohio savings and loan institutions, Virginia thrift institution depositors are insured up to $100,000 by the Federal Savings and Loan Insurance Corp. (FSLIC), an agency of the federal government.
Additionally, depositors are further protected by a congressional resolution that places the Treasury of the United States behind the FSLIC.
The problem in Ohio resulted from the failure of a private insurance fund, the Ohio Deposit Guarantee Fund, which insured 70 state associations in Ohio. The banks were not insured by the FSLIC.
Virginia law requires all state chartered associations to insure their deposits with the FSLIC or with other insurers approved by the State Corporation Commission.
Thus far the SCC has not see fit to authorize any insurer in the state other than FSLIC.
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