CUNA and NAFCU are urging members of the House Financial Services to approve an amendment that would essentially exempt all credit unions from having to contribute to a proposed Stabilization Resolution Fund.
The amendment, which is sponsored by Rep. Brad Sherman (D-Calif.), would only assess financial institutions with assets of $75 billion to pay for the fund, which is aimed at rescuing large companies considered too big to fail. The panel is marking up the legislation and could consider Sherman's amendment as early as today.
The bill as currently written makes financial institutions with more than $10 billion in assets liable for having to pay for the fund, which would be administered by the FDIC. Three credit unions would be subject to these payments: Navy Federal Credit Union, Pentagon Federal Credit Union and State Employees Credit Union.
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