The Senate last night followed the House's action earlier in the day and passed a bill that that includes a temporary stabilization fund for corporate credit unions.
The bill, which includes provisions relating to financial services and housing, passed by a voice vote in the Senate. This followed a 367-54 vote in the House several hours earlier. The measure now awaits President Obama's signature.
"As we move forward, I am confident that the program will be of tangible benefit to the credit union industry in managing the costs to maintain a healthy and well-capitalized Share Insurance Fund," NCUA Chairman Michael E. Fryzel said in a statement.
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