Three leaders from the NCUA and CEO’s from two credit unions representing CUNA and the NAFCU will testify at Senate hearings today on deposit insurance and help paying for the $5 billion corporate credit union bailout.
The NCUA would like to expand the powers of the Central Liquidity Fund (CLF) and widen out the assessment for the bailout for up to 8 years. The NCUA announced in a media release that Chairman Michael E. Fryzel and Executive Director David M. Marquis are scheduled to testify before the Senate Banking, Housing, and Urban Affairs Committee at a hearing on “Modernizing Bank Supervision and Regulation.” Associate General Counsel Sheila Albin is scheduled to testify before the House Subcommittee on Financial Institutions and Consumer Credit at a hearing on “H.R. 627, the Credit Cardholders’ Bill of Rights Act of 2009; and H.R. 1456, the Consumer Overdraft Protection Fair Practices Act of 2009.”
CUNA and the NAFCU will be represented by Terry West, pres/CEO of Vystar Credit Union and David J. Wright, pres/CEO of Services Center Federal Credit Union.
Randall C. Smith, Managing Editor
CUiNSIGHT.com
Thursday, March 19, 2009
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