WASHINGTON - The NCUA today asked for credit unions to be eligible for Troubled Asset Relief Program funds and an increase in the amount of money the insurance fund can borrow from the Treasury Department.
Those were among the requests contained in a letter that NCUA Chairman Michael E. Fryzel sent to members of the House Financial Services Co0mmittee on the day of the panel's hearing about TARP.
The 11-page letter essentially asks that NCUA be given the same powers that the FDIC has.
"We believe it is extremely important to equip NCUA with the same essential powers and authorities being considered for FDIC in dealing with the varied and complex set of risks facing financial institutions in this volatile market," Fryzel wrote.
At the hearing, House Financial Committee Services Chairman Barney Frank entered letters sent by NCUA, CUNA and NAFCU on the subject. Several members of the panel spoke about about the good work that credit unions have done and noted that they did not cause the current financial crisis.
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