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News Now

Washington
Senate vote on housing bill moves to this week
WASHINGTON (5/4/09)—Senate leadership has pushed back consideration until early this week of S. 896—a housing bill that may be a vehicle for an important credit union provision to address the cost of the corporate credit union stabilization plan. The bill's delay, in part, was meant to give the legislation's sponsors a chance to get a handle on the number of amendments that are being proffered for consideration. A vote on S. 896, the Helping Families Save Their Homes Act, had been expected Friday. The bill is primarily intended to help more homeowners stave off foreclosure, but it has been drawing broad attention from lawmakers wanting to add other provisions. Sen. Christopher Dodd, a Democrat from Connecticut and chairman of the Senate Banking Committee, declared on the Senate floor earlier Friday that there would be no votes in the Senate that day. Important to credit unions, Dodd also underscored the importance of the proposed amendment that would allow credit unions to spread out over eight years the cost of a premium assessment that has resulted from losses at wholesale corporate credit unions. Dodd said Senate votes would resume Monday, and the housing bill may be voted Tuesday. The bill is also expected to carry an extension of the federal share and deposit insurance increased ceiling to $250,000, which was approved on a temporary basis in 2008 and due to expire at year-end.


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