Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Feb. vote possible for House deposit insurance bill
WASHINGTON (2/10/09)—A House vote could come as early as this month on legislation to make permanent the $250,000 share and deposit insurance increase enacted as part of the Emergency Economic Stabilization Act of 2008, according to Ryan Donovan of the Credit Union National Association (CUNA). The CUNA vice president of legislative affairs said Monday that H.R. 786 could be considered by the House when it returns from next week’s District Work Period. “The bill is not currently scheduled for a vote this week—but even that can change at the discretion of House leadership,” Donovan noted. During the House Financial Services Committee consideration of the bill last week, the panel approved two amendments that CUNA suggested in a letter to the committee on Feb. 3. They would:
* Extend the amount of time the National Credit Union Administration (NCUA) has to restore its insurance fund to its statutorily required levels to five years from the current one year. * Increase NCUA's borrowing authority from the Treasury Department from $100 million to $6 billion.
The NCUA’s current borrowing level was set 38 years ago. CUNA believes the increased borrowing authority should give the NCUA additional resources to manage the NCUSIF and deal with problems that may arise.
Other Resources

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
21 hours 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
22 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
22 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
23 hours 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