Lawmakers Give Go-Ahead On PrivateInsurance Rules

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WASHINGTON - (11/23/04) -- The massive spending bill passed byCongress last weekend included a provision that will finally allowthe Federal Trade Commission to set rules for advertisements andpublic disclosures on private deposit insurance for creditunions--15 years after legislation requiring those rules. Therulemaking has been delayed since the 1989 FDIC Improvement Act,which included the provision, because unidentified lawmakers haveprevented the FTC from spending money on the process. NCUA, whichhas developed rules for advertisements and disclosures of federaldeposit insurance, will be consulting with the FTC on the process.The spending bill also included provisions that will provide anadditional $1 million for NCUA community development revolving loanfund, and renewing the borrowing limit for the Central LiquidityFacility at $1.5 billion.

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