U.S. to announce rescue for corporate credit unions: Journal
By Robert DanielSome major corporate credit unions, whose finances have been hurt by losses on mortgage-backed securities, are the subject of a federal rescue plan to be announced this week, The Wall Street Journal reported. The plan entails tapping a $41 billion lending facility that Congress made available to credit-union regulators in September, the Journal reported. Credit unions largely haven't received funds from the Bush administration's rescue packages, the paper said. These credit unions are member-owned cooperatives that, like banks, take deposits and make loans.