Credit union CEOs representing CUNA and NAFCU today urged lawmakers to increase the NCUSIF's borrowing authority with the Treasury Department to $100 billion and allow the CLF to lend to corporate credit unions.
These additional powers will give the NCUSIF "the authority it needs to address insurance issues and manage insurance costs," VyStar Credit Union President/CEO Terry West told the Senate Banking Committee's Subcommittee on Financial Institutions on behalf of CUNA.
He urged the panel to encourage the NCUA to spread out the premium being levied on natural person credit unions to pay for the agency's rescue plan for the corporate credit union system. West, whose credit union is in Jacksonville, Fla., also asked for legislation permitting the NCUA to collect credit union premium costs over an eight-year period.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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.
Already have an account? Sign In
© 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.
