Credit unions from Missouri took part in National Hike the Hill on November 27-28 to urge members of Congress to take action on member business lending legislation. At the time, combining MBL with other legislation – including the banks’ Transaction Account Guarantee Program (TAG) – was an option shared with U.S. Senators.
Things have changed. The banks are now taking their TAG extension bill to the Senate floor – WITHOUT MBL. The vote to bring TAG to the floor will take place on Monday, December 10. The Missouri Credit Union Association is asking you to send a specific message to Missouri’s U.S. Senators: No vote on the TAG extension without a vote on MBL.
Background on TAG:
During the TARP era, the FDIC used emergency powers to extend unlimited deposit insurance coverage to noninterest bearing accounts at banks. This was used to maintain confidence in the banking sector during a time of crisis. During the Dodd-Frank Act, Congress temporarily authorized the FDIC to continue this coverage, and expanded the program to include credit unions as well through the NCUSIF. This program, called the Transaction Account Guarantee Program (TAG), expires at the end of the year.