The NCUA’s proposal to create a stabilization fund for corporate credit unions will be included in a housing bill that the Senate is scheduled to consider on Thursday, but the measure won’t contain a provision to allow bankruptcy judges to rewrite the terms of mortgages.

The so-called “cramdown” provision,’ which was strongly opposed by CUNA, NAFCU and other representatives of financial services industry, could be offered as an amendment but Sen. Richard Durbin (D-Illinois), the measure’s key sponsor has indicated that he doubts there are enough votes to pass it. The House-passed version contains “cramdown” so the two versions will be reconciled during a conference committee.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical 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 and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.