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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.