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CU bailout not from taxpayers--league op-ed letter
MADISON, Wis. (3/24/09)--A so-called “federal bailout” of corporate credit unions is no such thing, and the $4.7 billion in aid comes from credit unions’ own self-funded insurance system--not from taxpayers, according to an op-ed letter from the Wisconsin Credit Union League. “That’s a novel idea--an industry trying to solve its own problems, credit unions helping credit unions,” wrote Brett Thompson, league president/CEO, in a letter in Monday’s Wisconsin State Journal, refuting the “federal bailout” assertion made in a March 13 letter to the editor by Kurt Bauer, president/CEO of the Wisconsin Bankers Association. “Bauer would be better off addressing the issues faced by his own industry than by trying to undermine confidence in credit unions at a time when regulators have proclaimed credit unions to be safe, healthy and lending vigorously,” Thompson concluded.
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