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CUs Present a Range of Responses to Politician's Rejection of Bailout Proposal

By Staff Writer

WASHINGTON -- Credit unions report a slew of reactions ranging from panic to a lack of concern to the news that the massive $700 billion bailout proposal has been rejected by the House of Representatives.

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Stock Markets Plunge Following Rescue Plan Rejection

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House Rejects Liquid Assets Purchase Plan

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Regulatory & Compliance Stories

September 29, 2008

House Rejects Liquid Assets Purchase Plan

WASHINGTON -- Despite pleas from the president and leaders of both parties, by a 228-205 vote, the House today voted down a $700 billion plan to have the government buy illiquid assets from financial institutions, including credit unions.

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September 29, 2008

SEC, FBI Conducting Broad Investigations into Subprime Lending and Mortgage Fraud

WASHINGTON -- The Securities and Exchange Commission has launched 50 investigations that constitute a wide swath within the subprime lending industry.

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September 29, 2008

Alliant CU Purchases Assets of Kaiperm FCU

ALEXANDRIA, Va. -- Alliant Credit Union of Chicago, has purchased the assets and assumed all member shares of the recently liquidated Kaiperm FCU of Oakland, CA, the NCUA announced today.

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September 29, 2008

KV, Bank Officials Seek to Reassure CU Members About Salaries, Rates

AUGUSTA, Maine -- Executives from the $51 million KV Federal Credit Union and Kennebec Savings Bank have both made statements in the local press to reassure KV FCU members about the possible merger of their two institutions.

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September 29, 2008

Congress to Vote on Illiquid Assets Plan

WASHINGTON -- The House and Senate are scheduled to vote today on the legislation ironed out over the weekend to create a $700 billion fund to buy illiquid assets from financial institutions, including credit unions.

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September 29, 2008

Congress to Vote on Illiquid Assets Plan

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September 29, 2008

Congress Increases Liquidity Fund for CUs

WASHINGTON -- The government will have more money to lend to credit unions as a result of an increase in the cap on the Central Liquidity Facility approved by Congress over the weekend.

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