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Frank: Financial Regulation Legislation Won't Make CUs' Job Harder

February 24, 2010
Congress is about to pass the most significant piece of financial regulation legislation since the New Deal, but the legislation will not “make it harder for you to perform your services,” Rep. Barney Frank said Wednesday. Emphasizing that credit unions didn’t cause the nation’s economic problems and therefore wouldn’t be... READ MORE

Help the Nation Recover

February 24, 2010
Sen. Christopher Dodd (D-Conn.) encouraged credit unions to continue to expand their activism in politics and finance, and help the nation recover from current economic stresses. Dodd, chairman of the Senate Banking Committee, reminded the audience that credit unions have been a force in helping citizens realize the American dream.... READ MORE

'Not All Financial Institutions Caused the Meltdown'

February 24, 2010
“The CEO of Toyota was on Capitol Hill yesterday and he said he’s not sure if they’ve fixed all their problems,” Rep. Spencer Bachus, told attendees at Wednesday morning’s General Session. “The same could be said of Congress—we’re not sure if we’ve fixed all the problems that caused the recent... READ MORE

'Be Proud You're Here'

February 24, 2010
Be proud you’re here at the largest assemblage of financial officials “where no one has taken any TARP money,” Rep. Brad Sherman, D-Calif., told GAC General Session attendees. Since he came to Washington, Sherman said he’s worked successfully on behalf of member-owned financial cooperatives, citing legislation to allow credit unions... READ MORE

Udall Aims to Pass MBL Bill

February 24, 2010
Sen. Mark Udall said Congress would pass his member business lending (MBL) bill with their help. The bill, S. 2919, would allow credit unions to increase the number and amount of loans given to members with small businesses by lifting the MBL cap to 25% of assets. The bill would... READ MORE

Political Foes Agree on CUs

February 24, 2010
When Howard Dean and Joe Scarborough entered the stage to close yesterday’s General Session, they immediately agreed to disagree. “We are in trouble,” said Dean, former head of the Democratic National Committee. The recent legislative seat losses by Democrats are because “we didn’t pay enough attention to our base.” “We... READ MORE

CFPA Wouldn’t Replace NCUA

February 23, 2010
Barr: The financial regulatory system is fundamentally flawed. Calling credit unions an essential part of the fabric of the nation’s communities, Assistant Treasury Secretary Michael Barr pledged to help credit unions expand their small business lending activity. Barr, speaking during Tuesday’s General Session, also commented on the Treasury's recent work... READ MORE

CUs 'Critical' to Business Growth

February 23, 2010
U.S. Small Business Administrator Karen Mills on Tuesday told GAC attendees that credit unions are "critical" to growing businesses and creating new jobs, adding that her "impression" is "credit unions really know what is going on in their communities." Mills also commended credit unions for their shared goal of supporting... READ MORE

Good Chance to Lift MBL Cap

February 23, 2010
Businesses’ need for capital will drive removal of restrictions. It would be a big mistake to pass legislation establishing a separate consumer regulatory agency, Rep. Ed Royce (R-Calif.) said Tuesday. In fact, he believes doing so could create conditions for another economic regulatory disaster. “We go down a dangerous path... READ MORE

What Will You Discuss With Legislators on the Hill?

February 23, 2010
Interchange income—it’s an important source of fee income for us. We also want to talk about business lending and getting the 12.25% cap lifted. There’s also the issue of overdraft protection and making sure both CUs and consumers have their issues addressed. John Lightle Director Via CU Marion, Ind.  ... READ MORE

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