WASHINGTON – The House Financial Services Committee today approved a bill that will allow NCUA to stretch out the $5 billion payment assessed to rescue corporate credit unions over five years.
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The measure will now go to the floor of the House for the consideration of all members
The measure was attached to a bill that will also make permanent the recent increase in federal deposit insurance coverage to $250,000.
The measure to stretch out the payment NCUA will assess credit unions was proposed by congressional credit union champion Paul Kanjorski, the Pennsylvania Democrat who sponsored the landmark 1998 bill the CU Membership Access Act and, more recently, the CU Regulatory Improvements Act, or CURIA.
