Congress hasn't scrutinized the NCUA's handling of the problems at corporate credit unions very much.
A law passed by Congress giving the NCUA the power to make payments to the Temporary Corporate Credit Union Stabilization Fund without borrowing from the Treasury sparked an industry discussion about the agency's assessment process.
President Obama today signed a measure allowing the NCUA to pay directly into the Temporary Corporate Credit Union Stabilization Fund.
The NCUA will be able to make payments to the Temporary Corporate Credit Union Stabilization Fund without borrowing from the Treasury Department as a result of legislation passed by the House on Wednesday night.
A Senate-passed bill allowing the NCUA to make payments to the Temporary Corporate Credit Union Stabilization Fund without borrowing from the Treasury Department could be taken up by the House tomorrow.
The Senate has passed a measure which would require the Government Accountability Office to study NCUA management of the corporate credit unions and their financial crisis.
Despite the cap on debit card interchange it contains, a June 29 letter to Rep. Barney Frank (D. Mass) from NCUA Board Chairman Debbie Matz made it clear where the agency comes down on the financial reform package.
Calling it a "special case situation," Senate Majority Whip Richard Durbin said he would work to find a way to exempt state government-issued debit cards used to distribute benefits from his amendments.
NCUA Chairman Debbie Matz has written senators in support of two changes in the pending regulatory reform measure, the agency said today.
The chairman of the NCUA would be included in the council of regulators that could make decisions on systemic risk and hear appeals of rules by the new consumer financial regulator if an amendment sponsored by Sen. Susan Collins (R-Maine) is approved.