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
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.


RSS





print
News Now LiveWire
Through the snow, be on the lookout for a @CU4Kids @CMNHospitals @COOPFS billboard in @TimesSquareNYC this week
8 hours ago
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
11 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
11 hours ago
.@HUDgov tweets: Be sure to tune in tonight to watch @SecretaryCastro on @TheDailyShow with Jon Stewart http://t.co/B1L23NQaoJ
11 hours ago
.@NJCUL Southern Chapter meeting canceled due to the impending snowstorm
12 hours ago