PRESS RELEASE
October 3, 2008
ARLINGTON, Va. —With House and Senate approval of the Emergency Economic Stimulus Act of 2008, the bill is headed to the President’s desk expected to be signed into law.
The bill provides that the National Credit Union Administration (NCUA) work in a consultative role with other regulators in determining how the Troubled Asset Relief Program (TARP) will operate. “NASCUS will work closely with NCUA and other federal agencies to ensure that states’ interests are represented as they implement TARP and other provisions of this bill,” said NASCUS President and CEO Mary Martha Fortney.
As they debated economic relief legislation, NASCUS wrote to Congressional leaders on September 24 to ensure that Congress was deliberative in considering any regulatory restructuring – either now or in the future – that would damage dual chartering or state authority. “NASCUS remains steadfastly committed to preserving dual chartering and the state credit union system,” added Fortney. “As Congress and federal agencies address regulatory reform in the near term or the next Congress, NASCUS will continue to reinforce the importance of dual chartering, choice in financial services and the value of the state system.”
Further, NASCUS and state regulators are supportive of the insurance increase to $250,000 for credit union share accounts insured by the National Credit Union Share Insurance Fund (NCUSIF), as it provides parity with the amount provided by the Federal Deposit Insurance Corporation in the Act.
Information
Contact:
Kate Hartig, Director, Communications and Public Affairs,
(703) 528-0669 or kate@nascus.org
The
NASCUS mission is to enhance state credit union
supervision and advocate a safe and sound state
credit union system.
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