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News Now

Washington
Treasury plan likely to include CUs in financial boost
WASHINGTON (9/22/08)—The Credit Union National Association’s (CUNA) preliminary review of draft legislation unveiled during the weekend finds credit unions appear to be included in the Treasury’s plan to buy troubled mortgage assets from U.S. financial firms. The Treasury Department on Saturday submitted legislation to Congress requesting authority to issue up to $700 billion of Treasury securities to finance the purchase of troubled assets. "Based on our initial review of the draft legislation, it appears credit unions are included in the Treasury plan to protect the financial system, as we have been working to ensure over the last two days,” said CUNA President/CEO Dan Mica. Mica reiterated that details remain to be clarified, “however, at this stage, we are encouraged by what we have seen," he said. Congress is expected to debate the legislation this week, according to Mica. Meanwhile, the Treasury on Sunday released details about its temporary guaranty program for money market mutual funds that was announced on Friday. Use the resource link for the complete text of the draft legislation and for more information on the Treasury plan.
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