Senate Banking Committee Chairman Christopher Dodd (D-Ct.) said today he hopes that the bill which includes money to create a corporate credit union stabilization fund will be voted on by the full Senate next Tuesday.
Although the provisions regarding the fund and the NCUSIF are not controversial, the bill is being slowed down by amendments on other subjects. Dodd also said that if they can't resolve all the issues in the amendments, or if the Republicans attempt to filibuster the bill, they may pull the bill and take it up again later this year.
The stabilization fund, to be financed by a line of credit from the Treasury Department, would pay back the Treasury Department over seven years and natural person credit unions would pay the additional premium to the NCUSIF over that time period.
The Senate measure gives the NCUA $6 billion in borrowing authority (up from the current level of $100 million) and $30 billion in emergency borrowing authority. A conference committee will reconcile differences with the House version which did not give the agency any emergency borrowing authority.
The Senate bill gave the NCUA eight years to replenish the NCUSIF if its equity ratio falls below 1.2%. The House-passed version provides for five years.
The Senate measure also extends e insurance coverage of accounts up to $250,000 through 2013. The House-passed bill made the extension permanent. Last year, Congress authorized a temporary increase through the end of 2009.
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