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An op-ed article in today’s New York Times on the latest bank bailout outlined the “vast swath of new powers” that will be given to the FDIC by the Treasury and foresaw the possible demise of “obscure regulatory animals,” including the NCUA.

The article, written by Felix Salmon, a finance blogger for Portfolio.com, said that because Congress was in no mood to pass a new bank rescue package, the Treasury was forced to come up with an alternate plan that combines remaining TARP funds along with “a rather ingenious use of guarantees by the Federal Deposit Insurance Corp.”

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Peter Westerman

 

Credit Union Times

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