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News Now

Washington
Parity for CUs at issue in Senate vote says CUNA
WASHINGTON (3/26/09)—The U.S. Senate voted 49-48 against an amendment Wednesday that would have increased the Federal Deposit Insurance Corp. (FDIC) borrowing authority to as much as $500 billion. The final vote against the bill was, in part, caused by some lawmakers’objection that the amendment was not gemane to the bill being considered, H.R. 1388, which would reauthorize and reform the national service laws. However, Ryan Donovan, vice president of legislative affairs for the Credit Union National Association, said the amendment’s lack of parity for the credit union system also seemed to be at issue for some. "We understand from our conversations with a number of folks on Capitol Hill that one the reasons that the amendment was not agreed to had to do with the fact that a similar remedy for credit unions was not included in the language."


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