The House today approved a bill that includes a temporary stabilization fund for corporate credit unions.
The bill, which deals with a range of issues on financial services and housing issues, passed 367-54, with one member voting present. Because the House measure is slightly different than the one passed by the Senate earlier this month, the Senate has to vote again, which will probably take place later this week.
The fund, to be financed by a line of credit from the Treasury Department, would pay back the Treasury Department over seven years. Natural person credit unions would pay the additional premium to the NCUSIF over that time period.
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