Two subcommittees of the House Financial Services Committee are likely to hold a hearing next month on the problems facing corporate credit unions and the NCUA's proposal for creating a temporary stabilization fund, several sources told Credit Union Times.
No date has been set for the hearings, which would likely take place after the Senate considers the NCUA's proposal, which could take place later this month.
The Subcommittee on Financial Institutions and the Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises are likely to combine forces to hold the hearing.
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Rep. Paul Kanjorski (D-Pa.), a strong supporter of credit unions, chairs the Capital Markets panel. His spokeswoman declined comment except to say that the panel doesn't announce hearings until a week before they happen.
Rep. Luis Gutierrez (D.Ill.), who has also supported credit union interests and wrote the amendment to increase the NCUA's borrowing authority, chairs the Financial Institutions panel. His spokeswoman did not return a phone call seeking comment.
The NCUA is asking Congress to create a temporary stabilization fund for corporate credit unions that would be funded by a loan from the Treasury Department and would be used to replenish the NCUSIF. The insurance fund has experienced losses because of the costs of the NCUA's efforts to stabililize corporate credit unions.
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