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CU System
Sen. Dodd calls Connecticut league with legislative update
MERIDEN, Conn. (5/11/09)--Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs Christopher J. Dodd (D-Conn.) hosted a conference call Thursday with the Credit Union League of Connecticut to discuss S. 896, the Helping Families Save Their Homes Act. The bill passed the Senate on Wednesday by a vote of 91-5. According to a league press release, Dodd provided an update and discussed S. 896 with the league and its member credit unions. "We sincerely appreciate Senator Dodd's efforts to include and assist credit unions and their members throughout the U.S., especially during this difficult economic time," said league President/CEO Tony Emerson. The league noted that the legislation was significantly improved by Dodd's amendment, which increases deposit insurance to $250,000 effective until 2013 and permanently increases the National Credit Union Administration's (NCUA) borrowing authority to $6 billion, with a possible extension to $30 billion in exigent circumstances. It also creates a temporary Corporate Credit Union Stabilization Fund, enabling credit unions to spread the cost of replenishing the National Credit Union Share Insurance Fund over eight years. "I was pleased to discuss the Helping Families Save Their Homes Act with members of the Connecticut Credit Union League yesterday," Sen. Dodd said Friday in the league's press release. "Credit unions play a critically important role in our economy, which is why I worked to ensure that the bill we passed in the Senate this week included provisions that will help credit unions weather these tough economic times and expand lending. Not only will these provisions help the 143 Connecticut credit unions, but they will also help the countless Connecticut residents and small businesses who rely on them," the release said.


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