ON DEADLINE

Register now

$1M Would Be Added

WASHINGTON, D.C.-The White House budget office has recommended that Congress add another $1 million to NCUA's community development revolving loan fund, which would be the eighth straight year the fund has been expanded.

The proposed appropriation, which is supported by NCUA, would consist of $650,000 dedicated to loans and $350,000 for small technical assistance grants. The additional appropriations have more than doubled the fund from $6.5 million since 1997.

NCUA has also asked Congress to renew the borrowing limit for the Central Liquidity Facility, emergency loan fund known as the CLF, at its current $1.5 billion level. The $1.5-billion limit is also endorsed by the White House.

Appeal In Court Ruling

WASHINGTON, D.C.-Visa USA, Visa International and MasterCard International asked the Supreme Court last week to overturn a lower court's antitrust ruling finding the credit card associations' exclusionary clause to be anti- competitive.

The clause bars member financial institutions from issuing American Express or Discover cards but not each others'.

The exclusionary clause was struck down last October by the U.S. District Court for the Eastern District of New York, which ordered Visa, Visa International and MasterCard to let their member banks issue rivals' cards.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER