WASHINGTON – NCUA Chairman Michael E. Fryzel today asked Congress for money to help his agency set up a program for the agency to buy troubled assets from credit unions.
In a letter to key senators and representatives, he noted that since the Treasury Department is not using Troubled Asset Relief Program to buy assets, NCUA should be given the resources to do so.
"Recent credit union examination data indicates that a TARP-like program, which creates a market for certain distressed assets, would be of significant and tangible benefit ton credit unions," he wrote.
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