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Washington
Mica New day for CUs is now
WASHINGTON (3/5/08)--Citing recent advancements for credit union legislation in Washington, D.C., Credit Union National Association (CUNA) President/CEO Dan Mica declared it the “beginning of a new day” during Tuesday’s opening session at the Governmental Affairs Conference (GAC) here. “It’s the beginning of a new day for credit unions,” Mica said referring to the Credit Union Regulatory Relief Act (CURRA, (H.R. 5519), which was introduced Monday by Reps. Paul Kanjorski (D-Pa.), and Ed Royce (R-Calif.). If enacted, the bill would be the biggest change in the credit union movement in the ten years since H.R. 1151, according to Mica, and it touches on many of the provisions in the Credit Union Regulatory Improvements Act (CURIA, H.R. 1537). CURIA currently has 145 co-sponsors. Mica, however, stressed to his audience of more than 4,500 credit union representatives, that although CURRA “will give us some relief,” credit unions must “keep pushing CURIA.” Credit unions need to continue delivering their message to Capitol Hill, particularly in the face of increasing negative pressures form the banking industry, he said. Mica said the relentless attacks on credit unions from bankers represents “true zealotry.” Mica urged credit union involvement both in the upcoming presidential election and in helping those affected by the subprime mortgage debacle. “This is the year we need to get out there and get active,” he said. He emphasized the value of credit unions helping those affected by problem subprime mortgage loans, noting that while credit unions did not cause the problems, they can be a part of the solution. People look for safety, security, compassion and someone they can work with and trust, and credit unions have come out as an entity that people can trust, the CUNA leader said.
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