The House Financial Services Committee last week approved 4 provisions that would affect CUs:

CU/Bank Fee Survey

The Fed's annual survey of bank & thrift fees would be reinstated and include CUs for the Ist time (H.R. 758). CUNA has lobbied this for over 2 years, to help consumers comparison shop.

Interest on Sterile Reserves

Also in H.R. 758, the Fed would pay interest on sterile reserves. CUNA believes this would lessen burdens for 1,300 CUs.

Deposit Insurance Reform

For banks and CUs, coverage levels would rise to $130,000 for general accounts and $260,000 for retirement accounts (H.R. 522). CUNA lobbied for parity, whatever the levels.

Internet Gambling Bans

No credit cards, wire transfers, or financial instruments could fund illegal Internet gambling (H.R. 21). Many CUs see a relationship between Internet gambling and bankruptcies.

Copyright Credit Union National Association, Inc. Mar 17, 2003
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