Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA writes letter in support of NCUSIF amendment
WASHINGTON (5/1/09)--Credit Union National Association (CUNA) President/CEO Dan Mica sent a letter of support Thursday to senators regarding an amendment to a housing bill that would extend the increase in federal share and deposit insurance. The amendment was added to S. 896, “Helping Families Save Their Homes Act of 2009” as the Senate debated the bill yesterday. It would extend for four years the increase in deposit insurance coverage, to $250,000, for the National Credit Union Share Insurance Fund and the Federal Deposit Insurance Corp. Congress enacted the coverage on a temporary basis as part of the Emergency Economic Stabilization Act of 2008, to underscore the safety of funds deposited in the nation’s credit unions and banks. The amendment would help credit unions “continue to help their members weather the financial crisis and maintain member confidence in credit unions,” Mica said. In addition to the insurance coverage, the amendment contains other provisions of key importance to credit unions. It would:
* Increase the National Credit Union Administration’s (NCUA) borrowing authority from Treasury from $100 million to $6 billion, with the ability to borrow as much as $30 billion in exigent circumstances through December 2010; and * Establish a Temporary Corporate Stabilization Fund that would also help NCUA spread out credit unions’ insurance costs over seven years.
CUNA strongly supports each of these provisions, and appreciates the Senate’s timely consideration of the amendment, Mica added. (See related story: CU action urged on NCUSIF provisions)


RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
1 Day ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
1 Day ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
1 Day ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
1 Day ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
1 Day ago