CU TARP UPDATE: House to vote on HR384; Rep. Frank does not expect Senate vote to happen
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by Ron Daly
New stuff off the skillet this morning regarding the vote to allow CUs to take TARP money as capital.
1) The House of Reps. today will vote on HR384, a piece of legislation that will allow credit unions to count TARP funds as capital. The Senate is not expected to vote on the bill until after the inauguration (From the CU Journal).
2) Rep. Barney Frank, Chairman of the Financial Services Committee, does NOT expect the bill to pass and become law. CUNA is still hopeful that their efforts will be heard/recognized in spite of this and that CUs will, somehow, be able to access TARP funds in the future ( From CUNA News Now).
I think Chairman Frank's concerns about the fate of the bill come from the fact that, as we reported yesterday, the bill ALSO seeks to redefine the power of Treasury and push money toward helping ease foreclosures.
More info as we get it.
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