WASHINGTON — The Senate Banking Committee approved an amendment giving the NCUA the authority to borrow $6 billion from the Treasury Department.
The measure gives the agency the right to borrow up to $18 billion in the case of emergency. The agency can currently borrow $100 million.
The amendment was added to a bill that revamps the rules on credit cards. But Banking Committee Chairman Christopher Dodd (D-Conn.) said "there is a sense of urgency" about this and hopes to move the provision on the NCUA-which also raises the FDIC's borrowing authority-soon whether on the credit card bill or another one.
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The amendment was sponsored by Sens. Michael Crapo (R-Idaho) and Robert Corker (R-Tenn.).
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