WASHINGTON – Congress may make credit unions swallow some bitter medicine to go along with the sugar.
The House of Representatives has scheduled a vote on Thursday on a measure to keep the level that deposits are insured at $250,000 but would also allow judges to rewrite the terms of mortgages during bankruptcy proceedings.
CUNA and NAFCU both oppose this so-called "cram-down" provision and said inclusion of the share insurance provision and other measures that benefit credit unions don't negate the adverse effects of cram-down.
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