WASHINGTON (5/6/09)—The Senate late Tuesday recessed for the evening without completing work on its housing bill, the Helping Families Save Their Homes Act (S. 896). The Senate will reconvene this morning at 9:30 and is expected to take a series of up to ten roll call votes on remaining amendments to the bill—and then a final vote on the package. The bill is expected to pass and be the vehicle for several important credit unions provisions, such as:
* Creation of a temporary Corporate Credit Union Stabilization Fund; * Authorization for credit unions to spread the cost of National Credit Union Share Insurance Fund (NCUSIF) replenishment over a longer period of time; * Raising the National Credit Union Administration’s (NCUA) borrowing authority to $6 billion, from the current ceiling of $100 million, and also authorize $30 billion in NCUA emergency borrowing authority; and * Extension—for four years--the higher, $250,000 federal share and deposit insurance ceiling due to expire at yearend.
If approved by the Senate, the bill would next be sent back to the House in an attempt to address differences between the Senate’s version and the House-approved H.R. 1106. The NCUA plan for a stabilization fund wasn’t included in the House package; however key members said last week that they would favor acting expeditiously and including the language in a final bill.