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News Now

Washington
CUNA monitors Obama bank-fee plan
WASHINGTON (1/14/10)--The Obama administration today will likely present a plan that would replenish the funds spent to prop up failing banks by introducing a fee to be levied on large financial institutions. The exact amount set to be recouped is widely reported to be more than $120 billion over a 10-year period. While the Credit Union National Association has not seen the proposal, it is monitoring for any related developments. The proposal will reportedly only affect around 20 of the largest banks that accepted funds from the government’s Troubled Asset Relief Program (TARP). CUNA vice president of legislative affairs Ryan Donovan said that the proposal will likely mean little to credit unions. “ We're still waiting to see the details of the proposal, but based on what we have learned so far, if you accepted TARP money and you are a big bank, you might be subject to fees. If you do not and are not, then you likely will not,” he added. As reported by Reuters, a number of potential structures for the fee are being discussed, and the fee may be incorporated into the Obama administration’s fiscal 2011 budget proposal, which will be presented to Congress next month.


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