WASHINGTON — Deposits in credit unions would be temporarily insured up to $250,000 and credit unions, banks and thrifts would be able to sell their illiquid assets to the government under the bill passed by the Senate last night by a vote of 74-25.
The bill increases the amount of credit union and bank deposits covered by federal insurance from $100,000 to $250,000 through the end of 2009. Credit unions won't be assessed a higher fee for the additional coverage. The NCUSIF will see its line of credit from the Treasury Department increase.
The House–which rejected a similar measure on Monday–is scheduled to vote on the Senate-passed bill on Friday.
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