Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NCUA seeks Treasury funds for distressed CU assets
ALEXANDRIA, Va. (11/19/08)---National Credit Union Administration (NCUA) Chairman Michael Fryzel asked Congress Wednesday to encourage the U.S. Treasury Department to equip the NCUA to deal with troubled credit union assets. In a letter to congressional leaders, Fryzel asked federal lawmakers to intervene with the Treasury to secure funds necessary for the NCUA to construct a relief program for troubled assets. The NCUA chairman said the Treasury's recent decision not to purchase distressed assets under the Troubled Asset Relief Program (TARP), authorized under the Emergency Economic Stabilization Act, was a concern. He said NCUA stands ready to create a TARP-like program for credit unions, with Treasury back up, to serve as "an important potential avenue of relief." The NCUA would be responsible for establishing standards and procedures for the use of the funds under the plan. The NCUA letter was sent to the chairmen and ranking members of the House Financial Services Committee and Senate Banking Committee and House and Senate leadership. Credit Union National Association (CUNA) President/CEO Dan Mica said that access to Treasury funds through NCUA, as suggested by the NCUA chairman, could be “an important backstop for credit unions affected by the economic downturn.” “However,” he said, “CUNA continues to hear from credit unions who want a system-based solution that does not rely on Treasury funding to address credit union problems.” Mica noted that there are many ways such a solution could be structured to avoid reliance on taxpayer funds. “We will continue to work with Chairman Fryzel and the NCUA board to seek such an approach, which is reflective of the cooperative nature of the credit union movement and would not further burden the U.S. taxpayer,” the CUNA leader pledged.


RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
14 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
9 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
9 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
11 hours ago