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May 21 , 2009 - The President signed S. 896 into law May 20, a bill that includes provisions to extend the insurance fund recapitalization period for credit unions.
S.896 was approved by the Senate last week and passed in the House on the suspension calendar on May 19. This legislation provides the National Credit Union Administration (NCUA) with the authority to establish a fund to absorb losses from the corporate credit union system, thereby allowing credit unions more time to recapitalize the National Credit Union Share Insurance Fund (NCUSIF).
The bill also extends the increase in credit union share and federal deposit insurance to $250,000 for at least four years and expands the National Credit Union Administration’s (NCUA) borrowing authority from $100 million to $6 billion.
To read more legislative updates, click here.
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