WASHINGTON – After five days of debate, the Senate voted passage this afternoon of a housing bill that will include several measures to allow NCUA to stretch out the costs of its corporate credit union bailout to as long as eight years.
The bill, which goes back to the House for its concurrence, will create a $6 billion Corporate Stabilization Fund separate from the National CU Share Insurance Fund; allow NCUA to stretch out the recapitalization of the NCUSIF for as long as eight years; and allow NCUA to borrow as much as $30 billion to stem a systemic crisis.
The bill would also allow the FDIC to borrow as much as $500 billion to stem a systemic banking crisis.
It would also extend for another four years the increase in federal deposit insurance coverage to $250,000 per account.
