WASHINGTON - NCUA Chairman Michael E. Fryzel said today he would continue to request that Treasury Secretary Timothy Geithner give credit unions access to federal funds to mitigate market instability but otherwise praised Geithner's plan shoring up financial institutions.
Geithner did not address the issue of credit unions' access to money in the Financial Stability Plan (formerly TARP) in his speech announcing the plan or in subsequent testimony before the Senate Banking Committee.
He focused on steps the government will take to buy bad assets and inject more capital into some banks.
Fryzel said in the coming days he will restate his earlier requests on behalf of credit unions.
He praised the plan for including a stress test on major banking institutions and for encouraging banks to make more loans.
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