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Washington Archive

Washington

Inside Washington (12/20/2007)

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* WASHINGTON (12/21/07)--Credit unions’ enterprise risk management programs must keep pace with the ever-changing market, said National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood, during a meeting with the Duke University FCU board of directors in Durham, N.C., this week. Hood commended the credit union for the grand opening of its new central office, stating that “this opening is proof positive of continued credit union development despite the current economic climate.” He also discussed the impact of credit unions on the communities they serve, and encouraged small credit unions to provide innovative member business lending products and financial literacy programs … * WASHINGTON (12/21/07)--The next Financial Literacy and Education Commission meeting has been scheduled for Jan. 15 at 10 a.m. at the Department of the Treasury. Attendees should respond by Jan. 9 …

Mica History shows CUs benefit consumers

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WASHINGTON (12/21/07)—-Credit Union National Association (CUNA) President/CEO Dan Mica said results of a new study underscores that credit unions are as relevant today as when the U.S. movement began--nearly 100 years ago. The National Association of State Credit Union Supervisors (NASCUS) released the credit union service survey results Wednesday. Mica said even as the U.S. credit union movement approaches its 100th anniversary in 2009, credit unions’ benefit to consumers has not changed. “The NASCUS study illustrates credit unions were created out of a consumer credit crisis early in the 20th century and still, in today's turbulent economic times, hard-working Americans continue to turn to their credit unions for affordable credit,” said Mica. The study found that state-chartered credit unions serve their members in “a manner consistent with their history as financial cooperatives serving groups based on occupation, association or community, by charging lower loan rates and providing higher return on savings.” According to the report, the creation of “cooperative, member-owned credit unions was an innovative response to the unmet demand in the consumer market for access to financial capital at fair and affordable rates.” While credit unions’ principles, structure and consumer benefits have remained constant, Mica said the financial cooperatives “have evolved to fulfill their mandate: Satisfy members’ demand for affordable financial services delivered via modern, convenient channels.” Use the resource link below to access the complete report.

House financial committee leaders to speak at GAC

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WASHINGTON (12/21/07)--House Financial Services Committee Chairman Barney Frank (D-Mass.) and Ranking Member Spencer Bachus (R-Ala.) have joined the growing list of speakers for the Credit Union National Association’s (CUNA) 2008 Governmental Affairs Conference (GAC). The 2008 GAC is March 2–6, and CUNA's first at the landmark Washington Convention Center. Frank and Bachus are scheduled to speak Wednesday morning of the conference. Visits to Capitol Hill are scheduled for Wednesday afternoon. Also featured on the 2008 GAC program are Gen. Colin Powell and political commentator Chris Matthews, host of MSNBC's "Hardball" and NBC's "The Chris Matthews Show." Other lawmakers on the program include Senate Minority Leader Mitch McConnell (R-Ky.); Senate Finance Committee Chairman Max Baucus (D-Mont.); Sen. Joe Lieberman (I-Conn.); House Minority Whip Roy Blunt (R-Mo.); and House Ways and Means Committee Chairman Charles Rangel (D-N.Y.). New to the GAC this year is an opening kickoff concert Sunday evening, March 2, featuring the band "America" and sponsored by the CUNA Councils. Use the resource link below for more information or to register.