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Washington
GSE deals political impact Donovan in iPoliticoi
WASHINGTON (9/12/08)--Ryan Donovan, a chief lobbyist at the Credit Union National Association (CUNA), said that one affect on credit unions of the government’s move to seize control of Fannie Mae and Freddie Mac may in the loss of a sometimes political ally. He added that the situation has distracted lawmakers from the House-passed regulatory relief bill CUNA is working to push through the Senate before Congress adjourns this month; the Credit Union, Bank and Thrift Regulatory Relief Act (CUBTTRA). In an article in Politico entitled, “Picking up the Fannie-Freddie pieces, Donovan said he believed the loss of Fannie and Freddie’s firepower probably won’t hurt credit unions in the short term, but there are ramifications. “They may be out of the advocacy game, but Fannie and Freddie are still sucking a lot of the oxygen out of the room,” he said. In assessing what the article referred to as the “gaping hole left by the sudden departure of Fannie Mae and Freddie Mac from the lobbying game,” Donovan made the following observations: “Whenever you have an ally that ceases to exist so abruptly, there’s something missing. There’s a vacuum.” However, he added, while CUNA has worked alongside Fannie and Freddie on issues that address big banks, the two government-sponsored enterprises were not the kind of allies with whom credit union strategized. To read the entire article, use the resource link below.
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