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Washington
Strong CUNA insurance message noted in Hill paper
WASHINGTON (9/30/08)—In a publication that reaches a Congressional and Administration audience, the intensity of the Credit Union National Association’s (CUNA’s) ongoing push to assure credit union members that their share deposits are safe and federally insured was called “the lobbying equivalent of a rampage.” “Remember that speech President Bush gave to the nation last week to press for passage of his bailout plan and to reassure the country that the money in federally insured banks is absolutely safe? “Dan Mica sure does,” opened the Sept. 29 article in Roll Call, talking about CUNA’s president and CEO. The article recounts just some of CUNA’s effort to get the word out that credit unions, through the National Credit Union Administration, have parallel and equal federal deposit insurance to Federal Deposit Insurance Corp/-insured institutions. Noted was CUNA’s letter to President George W. Bush prior to his national address last week urging him to clarify that the nation’s credit unions are also backed by the full faith and credit of the U.S. government. Mica was quoted that CUNA had “an indication at the staff level” that the message would be included in the President’s address and when it wasn’t CUNA received feedback saying it was an oversight. “Mica’s not backing down. He said he has penned a letter to Bush and is reaching out to administration officials tasked with the bailout. He is also beating down the doors of Members of Congress,” Roll Call said. The complete article is available through the resource link below (For Roll Call subscribers only.
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