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News Now

Washington
House panel OKs bill with permanent insurance increase
WASHINGTON (2/5/09)—The House Financial Services Committee Wednesday approved H.R. 786, a bill designed to make permanent the $250,000 deposit and share insurance increase enacted as part of the Emergency Economic Stabilization Act of 2008. During consideration of the bill, the committee accepted an amendment offered by Rep. Paul Kanjorski (D-Pa.) to extend the amount of time National Credit Union Administration (NCUA) has to restore the National Credit Union Share Insurance Fund (NCUSIF) to its statutorily required levels. Under current law, the fund must be replenished in the calendar year during which it drops below the required level. The Kanjorski amendment would extend this period to five years. The Credit Union National Association (CUNA) strongly backs H.R. 786 and specifically sought such a modification to the NCUSIF restoration period, among other modifications. CUNA also backed a plan to increase NCUA's borrowing authority from the U.S. Treasury Department. Rep. Luis Gutierrez (D-Ill.) offered an amendment to increase NCUA's borrowing power from $100 million to $6 billion. The amendment was approved by voice vote. CUNA believes the increased borrowing authority should give the NCUA additional resources to manage the NCUSIF and deal with problems that may arise. The bill next must be considered by the full House.


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