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News Now

Washington
Johnson Notes CUs' Role In National Recovery
WASHINGTON (3/22/12)--Senate Banking Committee Chairman Tim Johnson said Wednesday that the No. 1 priority of his panel is the "continued recovery of the national economy."

In a video address to the Credit Union National Association's Governmental Affairs Conference, he said, "Credit unions are playing an important role in that recovery and, as you know, across the nation nearly one in three Americans rely on the services you provide.

"In my home state of South Dakota, I have seen how credit unions strengthen communities by investing in their members' success and I thank you."

Johnson said overseeing the implementation of the 2010 Dodd-Frank Wall Street Reform Act will remain a committee priority.

"I am especially aware of avoiding unintended consequences. As you well know, credit unions did not cause the financial crisis and we are working to make sure they are not overly burdened by the (reform) law," he said.

On the topic of credit union member business lending, Johnson noted that the Senate did not vote last year on a bill to increases the cap and he added that he expects the debate to continue in this session of Congress.


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