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CU System
Congressmans session hosted by Illinois league
NAPERVILLE, Ill. (8/30/10)--U.S. Rep. Bill Foster (D-Ill.) and Chief of Staff Jason Linde recently visited the Illinois Credit Union (ICU) System Center for a dialogue session with area credit unions, hosted by the Illinois Credit Union League (ICUL).
Click to view larger image Visiting the Illinois Credit Union (ICU) System Center recently for a dialogue session with area credit unions, hosted by the Illinois Credit Union League are, from left: Robert Palumbo, CEO, DuPage CU; Libby Calderone, CEO, Earthmover CU; Carl Sorgatz, CEO, Hawthorne CU; U.S Rep. Bill Foster (D-Ill.); Robert Schroeder, CEO, Illinois Community CU; and Bill Hicks, chairman, DuPage CU. (Photo provided by the Illinois Credit Union League)
Credit union representation included DuPage CU, Naperville; Earthmover CU, Aurora; Hawthorne CU, Naperville, and Illinois Community CU, Sycamore. At the session, credit unions stressed that credit unions did not cause or contribute to the financial meltdown and requested that Foster, who is a member of the House Financial Services Committee, watch for opportunities to streamline unnecessary laws and regulatory burdens on credit unions. Specific topics discussed by the group included: the new Consumer Financial Protection Act (CFPA), maintaining the National Credit Union Administration (NCUA) as an independent regulator, allowing NCUA to conduct examinations on behalf of the new Bureau of Consumer Financial Protection Bureau, rejecting any amendments related to bankruptcy cramdowns, and support for pending legislation allowing federally insured credit unions to increase the cap on member business lending. Also discussed were ICUL Service Corp.’s (LSC) initiatives and the impact of recent legislation, including an interchange provision of the CFPA on LSC’s operations. Credit Unions nationwide oppose the provision. As part of the visit, George Fiegle, LSC executive vice president/chief operating officer, and Cathy Pettis, LSC senior vice president of operations, provided Foster with a tour of all ICU System departments--including its call center where LSC provides service to more than 2,500 credit unions across 45 states. “We believe [Foster] obtained a much more informed understanding and appreciation for the cooperative nature of credit unions, the league and service corporation,” said Don Edwards, ICUL senior vice president of federal governmental affairs.


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