Wednesday, June 23, 2010

House-Senate Conferees Extend TAG Program to CUs

In a previous post, I mentioned that NCUA had requested that credit unions should receive the same treatment as FDIC-insured banks with respect to a full guarantee of funds held in noninterest-bearing transaction accounts.

BNA is reporting that House-Senate conferees agreed to extend the FDIC’s Transaction Account Guarantee (TAG) program for two years beyond its current Dec. 31, 2010 expiration date. House conferees asked that this provision include federally-insured credit unions and the Senate agreed to the recommendation.

Unfortunately, I have not seen the legislative language.
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