WASHINGTON — All eyes will be on the U.S. House when it votes today on an economic package that includes raising the amount of credit union deposits that are federally insured and creates a fund that buys illiquid assets from credit unions and other financial institutions.
The vote is expected to be close and House leaders have said that some of the members who opposed a similar measure on Monday have said they will change their minds or are considering doing so. The Senate added the deposit insurance provision and a range of tax incentives to the bill it passed on Wednesday night after the House rejected another version of the measure on Monday.
The NCUA and lobbyists for credit unions worked hard to gain parity for credit unions with banks on the asset sale provision and on insuring all deposits up to $250,000 through the end of 2009. Today’s Wall Street Journal contained an article profiling NAFCU Senior Vice President of Government Affairs B. Dan Berger’s lobbying efforts.
Berger and NAFCU Chairman Brad Beale worked to include a provision including the NCUA chairman on a list of government officials whom the secretary of treasury is required to consult about the asset-purchase program, known formally as the Troubled Asset Recovery Program.