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CU action urged on NCUSIF provisions
WASHINGTON (4/30/09)—With a Senate vote fast approaching on its bill to prevent mortgage foreclosures (S. 896), the Credit Union National Association (CUNA) is asking credit unions to urge lawmakers to adopt an amendment addressing National Credit Union Share Insurance Fund (NCUSIF) issues. Sen. Chris Dodd (D-Conn.), the bill's sponsor, has offered a manager's amendment that makes permanent the increased, $250,000 deposit and share insurance cap. The Dodd amendment also would allow credit unions to spread out the cost of a premium assessment that has resulted from losses at wholesale corporate credit unions. It would reduce from 1% of a credit union’s insured shares to 0.15% of insured shares this year's cost of the National Credit Union Administration’s corporate stabilization plan. In an Action Alert launched today, CUNA encourages credit unions to:
* Send a message today to both Senators urging support for the Dodd amendment to S. 896; and * Call or fax each senator’s district office with the same information. (District office contact information can be found at www.congress.org.)
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