Accounts of up to $250,000 at credit unions and banks would be permanently insured beyond the current expiration date of 2013, as a result of an amendment approved last week by the House-Senate conference committee on regulatory overhaul.
CUNA contends that proposed federal rules requiring credit unions and banks to perform an extensive account review when it receives a garnishment order would be burdensome while NAFCU just wants credit unions to have more time to conduct the review.
Natural person credit unions don't know how much they will have to pay to shore up the NCUSIF this year,
ALEXANDRIA, Va. -- There is a good chance that the reserves set aside for losses in the NCUSIF "won't be sufficient," to cover the losses at some of the large credit unions.
Credit unions sowed the seeds for future political wins by planning a rally on the National Mall while President George H.W. Bush sowed the seeds for the demise of much of his support among conservatives by reversing his pledge not to raise taxes.
CUNA President/CEO Dan Mica met with Treasury Secretary Timothy Geithner to urge the administration support legislation that would raise the cap from 12.25% of assets to 25%.
Financial institutions and trade associations can nominate representatives to serve on the committee that advises the Treasury Department on the implementation of the Bank Secrecy Act.
More than 110,000 homeowners have had their mortgages modified or received offers to do that through the government's program, the Treasury Department reported today.