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.
The U.S. Government could save between $36 million and $39 million in interchange fees annually if it had the right to negotiate for better terms, according to a Treasury Department report.
WAILEA, Hawaii -- The meeting planners at PSCU Financial Services, the payments CUSO for more than 500 of the nation's credit unions, wanted to emphasize the positive at their annual Member Forum this year.
When Wachovia Bank agreed to a settlement with the U.S. government, it became the financial institution with the unfortunate distinction of having paid the largest penalty, $160 million, for a violation of the Bank Secrecy Act.
Federal accounting rules, deteriorating securities and an increasing corporate bailout price tag are hurdles the NCUA will have to overcome in its quest to rid corporates of toxic investments.
Fights over taxes usually find credit unions and the U.S. government on opposite sides.