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News Now

Washington
Fryzel Rescue package CLF cap good tools for NCUA
ALEXANDRIA, Va. (10/6/08)—The passage of the Emergency Economic Stabilization Act last week in combination with recent enactment of a higher borrowing ceiling for the Central Liquidity Facility (CLF) will help the National Credit Union Administration (NCUA) mitigate some current and potential difficulties facing the credit union industry, said the agency’s chairman, Michael Fryzel, Friday. “In addition to the highly publicized increase in share insurance coverage, I am particularly pleased that Congress included important last-minute changes recommended by NCUA. “The final version of the Act incorporates language that allows (the National Credit Union Share Insurance) insurance level to be increased while recognizing the unique elements of the fund that make it different from the (Federal Deposit Insurance Corp.FDIC, and it also provides for NCUA to act in a consultative role with other regulators in determining how the Troubled Asset Repurchasing Program (TARP) will work,” Fryzel said in a statement. His remarks were issued just after the House voted 263-171 to pass the emergency stabilization act. The bill was approved Wednesday by the Senate and awaits the signature of President George W. Bush. “Viewed in their totality, I firmly believe that these actions will add important dimensions of financial and regulatory assistance to NCUA, credit unions and the entire financial services industry. I will move forward expeditiously and with a sense of purpose as we employ the new tools at our disposal,” Fryzel said.


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