NCUA
Enhanced Consumer Protection for Credit Cards
Date:
December 18, 2008
Who:
Fed
Who:
NCUA
Who:
Treasury
Policy Area:
Financial Sector Policy
Economic Target:
Consumers
Economic Target:
Financial Institutions
Action Type:
Regulatory Change New credit card regulations adopted under the Federal Trade Commission Act, in coordination with similar sets of new rules adopted by the Office of Thrift Supervision and the National Credit Union Administration.
The new regulations, as described on the Federal Reserve's website:
Notes:
Associated costs, if any, are unknown.
Credit Union Guarantee Program
Date:
October 16, 2008
Who:
NCUA
Policy Area:
Financial Sector Policy
Economic Target:
Financial Institutions
Action Type:
Government Guarantee Establishment of Temporary Corporate Credit Union Liquidity Guarantee Program, which guarantees debt obligations for eligible corporate credit unions for up to 100% of their maximum secured debt as of September 30, 2008.
Notes:
NCUA is the National Credit Union Administration. Fiscal implications unknown.
Deficit impact unknown.
Credit Union Rescues
Who:
NCUA
Maximum Amount:
$99.00 billion
Amount Spent:
$12.00 billion
Deficit Impact:
$5.90 billion Most of the government's intervention in the credit union sector have been related to corporate credit unions. Corporate credit unions do not directly serve customers, but rather play a supporting role for their membership of retail credit unions. In addition to the federal government's enhanced role in bank activity, the financial crisis forced the state to become involved in credit union action as well.
