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House members promise action on bill with NCUA stabilization plan
WASHINGTON (5/5/09)--House financial leaders, including Rep. Barney Frank (D-Mass.), have promised to act quickly on H.R. 1106, Helping Families Save Their Homes Act, once the bill returns to the House. The Senate was expected to vote on its version of the bill, S. 896, late last week, but Senate Banking Committee Chairman Christopher Dodd (D-Conn.) on Friday elected to push the vote back. The Senate is expected to vote on the bill starting today. In a recent letter to Dodd, Rep. Frank, along with cosigners Paul Kanjorski (D-Pa.) and Luis Gutierrez (D.-Ill.), supported Dodd’s efforts to include the temporary corporate credit union stabilization fund as part of H.R. 1106. The stabilization legislation, introduced by the National Credit Union Administration (NCUA), would enable credit unions to spread the cost of National Credit Union Share Insurance Fund (NCUSIF) replenishment over a longer period of time. According to the letter, credit unions would pay a 99 basis point charge for every $100 in deposits if the current law is not changed. This one-time charge could cause an estimated two-thirds of credit unions to report negative earnings for 2009 and could harm 225 federally-insured credit unions that would fall below the necessary level of capitalization. Rep. Kanjorski plans to introduce NCUA’s stabilization plan to the House “in the very near future.” Rep. Gutierrez, who currently chairs the House Financial subcommittee on financial institutions and consumer credit, also plans to have his subcommittee review the proposal before the end of the month. Gutierrez will also discuss potential changes to NCUA’s regulation of corporate credit unions, the letter added.


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