![]() ![]() 31, 2008 – Nineteen consumer-owned credit unions fail in 2008, resulting in a loss of $232 million to the National Credit Union Share Insurance Fund. 9, 2008 – The NCUA Board approves the creation of the Credit Union System Investment Program and the Homeowners Affordability Relief Program to help credit unions weather increasing financial stress.ĭec. 20, 2008 – Fannie and Freddie suspend mortgage foreclosures until January 2009.ĭec. 28, 2008 – The Treasury buys $125 billion worth of preferred stock of nine banks in its first TARP funding wave. 16, 2008 – The NCUA Board approves the Temporary Corporate Credit Union Liquidity Guarantee Program, providing a full faith and credit guarantee of the timely payment of principal and interest on certain unsecured debt of participating corporate credit unions. Bush signs the Emergency Economic Stabilization Act, creating the $700 billion Troubled Asset Relief Program, and temporarily raises FDIC and the NCUA deposit insurance coverage from $100,000 per depositor to $250,000 per depositor through Dec. The lending limit increases to $41.5 billion. Bush signs the Consolidated Security, Disaster Assistance, and Continuing Appropriations Act, 2008, which contains provisions temporarily removing a cap of $1.5 billion on the Central Liquidity Facility, allowing the facility to borrow up to its authorized limit to lend to credit unions to meet short-term liquidity needs. Many observers mark this event as the start of the financial crisis of 2008–2009. 15, 2008 – Lehman Brothers files for bankruptcy. 6, 2008 – Mortgage giants Fannie Mae and Freddie Mac are placed into conservatorship. He serves in this role until August 2009. Fryzel is sworn in as NCUA Board Chairman. Share insurance coverage increases to $100,000 making it equal to the amount of deposit insurance coverage for banks provided by the Federal Deposit Insurance Corporation. This facility is similar the Federal Reserve’s Discount Window and serves a similar function as the lender of last resort for the credit union system. Mack, Jr (1979–1987).Ĭongress also creates the Central Liquidity Facility. The first NCUA Board consists of former NCUA Administrator and newly appointed Chairman Lawrence Connell (1979–1981), Dr. In appointing the Board, the president must designate the Chairman. Board terms are set for staggered six-year terms, and not more than two members of the Board shall be members of the same political party. Board members are nominated and appointed by the President of the United States, and must be confirmed by the U.S. A three-member Board replaces the NCUA Administrator as the governing body for the agency after Congress updates the Federal Credit Union Act. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |