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Article: Credit Unions to Get Federal Assistance; Most Institutions Are Healthy Despite Crisis
- Article from:
- The Washington Post
- Article date:
- December 10, 2008
- Author:
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The federal government plans to pump billions of dollars into the
nation's credit unions in a bid to stabilize an industry long
considered to be sheltered from the problems shaking other kinds of
financial institutions.
The National Credit Union Administration said yesterday that it
would offer credit unions $2.5 billion in low-interest loans to
support new lending and to help some institutions weather mortgage-
related losses. The agency could expand the lending programs to a
maximum of $41.5 billion.
The federal intervention highlights the reach of the financial
crisis. Credit unions, cooperatives that lend to members at low
interest rates, are widely regarded as the conservative wing of ...