Thanks to foggy weather that delayed and canceled some flights, the Senate has canceled today's procedural vote on S. 3637, the bill that could extend the Transaction Account Guarantee program.
Instead, CUNA is reporting, the vote will come on Tuesday. S. 3637 would extend unlimited deposit insurance coverage granted during the financial crisis for noninterest bearing transaction accounts. Coverage is set to revert back to $250,000 at year's end without congressional action.
The TAG bill is strongly favored by major bank trade associations; however, both CUNA and NAFCU oppose the bill unless member business lending legislation is added as an amendment.
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