Credit Unions Oppose Extension Of FDIC Guarantee Program

Law360, New York (December 5, 2012, 1:37 PM EST) -- A major credit union industry group said Monday that the extension of a Federal Deposit Insurance Corp. program that provides unlimited insurance for transaction accounts containing over $250,000 was unnecessary, adding another layer to a simmering fight between banks and credit unions.

The Credit Union National Association said a letter to Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Ky., that the 2008 Transaction Account Guarantee program, which is set to expire at the end of the month, was a relic of...
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