Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Helping Families debate to wrap up today
WASHINGTON (5/1/09)—The Senate is expected to complete debate today on S. 896, the Helping Families Save Their Homes Act, and vote on the legislation that is primarily intended to help more homeowners stave off foreclosure. During yesterday’s consideration of the bill, the Senate spent hours deliberating over a judicial mortgage modification amendment offered by Sen. Richard Durbin (D-Ill.). The language, similar to that contained in a comparable House-approved bill that would allow bankruptcy judges to change terms of existing mortgage, was rejected 51-45 by the Senate. (See related story: Senate rejects ‘cramdown’ amendment.) Still being debated today are provisions, offered as an amendment by Sens. Christopher Dodd (D-Conn.) and Richard Shelby (R-Ala.), that would execute important changes for credit unions. The amendment, expected to succeed in some form, would:
* Create a Temporary Corporate Credit Union Stabilization Fund; * 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. * Increase National Credit Union Administration (NCUA) borrowing authority; and * Extend the higher share and deposit insurance coverage levels, first set as a temporary measure in October 2008 as part of the Emergency Economic Stabilization Act.
The Credit Union National Association (CUNA) strongly supports each of these provisions. CUNA President/CEO Dan Mica has contacted Senate lawmakers noting that CUNA appreciates the Senate’s timely consideration of the credit union provisions. Regarding the mortgage bankruptcy language, the issue could come up again, perhaps during a House-Senate conference convened to work out the differences between the two bodies’ legislation.
Other Resources

RSS





print
News Now LiveWire
It's Monday, time for another data breach release: @Uber's driver database via @pymnts #Stopthedatabreaches http://t.co/UoMcy4j5n4
29 minutes ago
.@Nussle, Cummins share #creditunion difference with Minn. biz journal http://t.co/7EZ4FdgfD9
53 minutes ago
.@cuna #GAC2015 countdown: @USTreasury 's Gerety, @CFPB 's Martinez join power-packed lineup http://t.co/nHNJ81tGbi
1 hour ago
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
21 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago