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News Now

Washington
CUNA urges CU focus on call to Support S. 896
WASHINGTON (4/30/09)—The Credit Union National Association (CUNA) said credit unions must stay focused on the grassroots call to action issued by CUNA and the leagues in support of Senate legislation due up for a vote today. That bill would mitigate the costs to credit unions of the National Credit Union Administration’s corporate stabilization program. CUNA said credit unions must disregard any conflicting instructions they encounter from some other quarters of the industry. For example, CUNA and the leagues received reports yesterday of calls circulating for credit unions to sign a petition requesting Congress delay consideration of the measure and hold hearings. “That petition drive was launched absent coordination with CUNA and the leagues. It has the potential to cause confusion or worse. not just among CUs but also among Senators and their staffs,” noted CUNA President/CEO Dan Mica. “Such actions are not helpful and could even be detrimental, hurting CUs by leaving them with no options to spread out their insurance costs should Congress interpret the mixed and divided messages as a reason to delay consideration of this critically important legislation,” he added. The measure to mitigate the corporate costs is expected to be part of an amendment to S. 896 offered on the Senate floor today by Senate Banking Committee Chairman Christopher Dodd (D-Conn.). The amendment would also extend the $250,000 deposit insurance levels that Congress enacted last year as a means of boosting consumer confidence in financial institutions. Yesterday CUNA and the leagues issued a call to action urging CUs to contact their Senators as soon as possible in support of S. 896. (See related stories in this morning’s News Now).


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