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CU System
Michigan GAC meets amidst roller-coaster events
LANSING, Mich. (5/4/09)--The Michigan Credit Union League’s (MCUL) Governmental Affairs Conference (GAC) was held last week amidst many legislative events that affect credit unions. Last week, MCUL staff handed an action alert to Michigan credit
Michigan State Rep. Lesia Liss (D-Warren) spoke with Jim Shereda of ARC CU, Roseville, at the Michigan Credit Union League’s Governmental Affairs Conference. (Photos provided by the Michigan Credit Union League)
unions regarding the U.S. Senate’s consideration of S. 896--a foreclosure prevention bill that has been a focus of ongoing credit union lobbying (Michigan Monitor April 29). In response to the Credit Union National Association's (CUNA) action alert issued concerning S. 896, about 20,000 contacts were generated nationally, CUNA said. In Senate version of the bill, the Senate voted down an amendment that would have authorized the mortgage “cramdown” provision--in which bankruptcy courts would be allowed to modify terms of existing mortgages so borrowers can continue making payments--that has been opposed by the credit union industry. The Senate version also could contain a manager’s amendment by U.S. Sen. Christopher Dodd (D-Conn.)--the bill’s sponsor--that would make permanent the $250,000 deposit insurance increase for the National Credit Union Share Insurance Fund and help credit unions spread out National Credit Union Administration (NCUA) premium assessment costs. The amendment has not yet been voted on--but is widely believed to have good prospects. The Senate expects to vote on the bill either today or Tuesday.
Mike Schenk, vice president of economics and statistics for the Credit Union National Association, talked about the National Credit Union Administration’s Corporate Stabilization plan and other issues affecting credit unions, at the Michigan Credit Union League’s Governmental Affairs Conference last week.
Mike Schenk, vice president of economics and statistics for the Credit Union National Association, discussed several fiscal and growth challenges facing credit unions--including the NCUA Corporate Stabilization plan and its possible consequences. Schenk told the league several difficult years are ahead for credit unions--especially if S. 896 does not pass with the amendment that spreads the NCUA premium assessment over several years. However, the good news is that there is solid evidence that credit unions have avoided “toxic” lending, and they have experienced across-the-board loan growth while bank lending has retreated, Schenk said. Also, Robert Manning, Ph.D., from the Rochester Institute of Technology, gave his presentation before the Michigan Senate Banking and Financial Institutions Committee. There, he shared findings in his continuing work on Michigan’s foreclosure crisis and pointed out the opportunity for credit unions as a solution (News Now April 30). Michigan State Sen. Wayne Kuipers (R-Holland) received the MCUL’s state lawmaker of the year award at the GAC.
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