The Senate today passed a bill that includes provisions for a stabilization fund that would enable credit unions to spread out the cost of replenishing the NCUSIF over seven years. The vote was 91-5.
The fund, to be financed by a line of credit from the Treasury Department, would pay back the Treasury Department over seven years and natural person credit unions would pay the additional premium to the NCUSIF over that time period.
The NCUA has estimated that shoring up the corporates could cost credit unions an assessment of between eight and 20 basis points a year-with an average of 14–over seven years.
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