Daniel A. Mica's Message to the House of Representatives in Regards to Banker's Message Concerning CURIA, H.R. 2317
March 28, 2006
TO: The Honorable Tim Bishop
FROM: Daniel A. Mica, president and CEO, Credit Union National Association (CUNA)
RE: Response to banker stunt related to credit union legislation
On Monday afternoon, March 27, you may have received a message in the form of a two-page memo from the American Bankers Association, in regard to credit unions. The memo refers to credit union legislation and attempts to link banker opposition to the current NCAA tournament.
We find the ABA's memo offensive at the worst, and childish and immature at best. Essentially, they are attempting to exploit a great American sporting event by twisting it to their own agenda of boxing in credit unions and preventing better financial service to America's 87 million credit union members.
The fact is, however, that the effort to pass the Credit Union Regulatory Improvements Act (CURIA, HR 2317) is not a game. It is a serious effort - supported by 117 House members, one in every four - to update federal credit union law, grant credit unions more flexibility in making business loans to their members, and reform net worth requirements to better reflect market conditions.
Frankly, the banking industry should be embarrassed by their trade association's approach. There are so many issues affecting our nation's consumers - data security including credit card fraud and ID theft; flood insurance reform; and housing tax credits - that wasting the Congress' time with stunts like this only highlights bankers' lack of understanding of the needs of America's consumers.
It's time to tell the bankers to knock it off; more than 87 million Americans depend on their credit unions, and they expect their credit unions to give them the best service possible. Not as banks, not as thrifts - but as cooperatively owned, not-for-profit, volunteer-directed financial institutions.
Let's get on with the business of the people, and ignore the games of the extremists in the banking industry.
Daniel A. Mica
President & CEO