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News Now

Washington
Wash. Post CUs blueprint opposition helps Main Street
WASHINGTON (4/14/08)--The Washington Post Friday noted that the Credit Union National Association’s (CUNA) and credit unions’ opposition to the Treasury Department’s blueprint to revise the financial system will help Main Street--instead of Wall Street. Organizations lobbying against the Treasury’s plan have stated that it caters primarily to large businesses on Wall Street--instead of those that help local communities, such as credit unions. CUNA and other groups have talked about creating an opposition coalition to the Treasury plan, which would scrap the current financial regulation system, the newspaper said. The Post quoted Dan Mica, CUNA president/CEO, saying that the blueprint has little chance of moving ahead in Congress at this time. Mica told the Post that he has asked state associations and credit union directors to write the Treasury, expressing their concerns that they do not need a new regulator. CUNA’s members are outraged at the proposal. They ultimately fear that the blueprint would do away with credit unions, the paper said. CUNA also has filed a request under the Freedom of Information Act (FOIA) asking the Treasury to disclose bankers' attempts to influence the Treasury's plan in ways intended to put credit unions out of business. The request was submitted on behalf of Credit Union Magazine, which intends to publish a story based on its findings (News Now April 4).


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