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Letter to House Judiciary Committee Chairman F James Sensenbrenner Jr regarding bankruptcy abuse reform legislation

Letters to Congress

Letter to House Judiciary Committee Chairman F. James Sensenbrenner, Jr. regarding bankruptcy abuse reform legislation

September 18, 2002

Representative F. James Sensenbrenner, Jr.
U.S. House of Representatives
2332 Rayburn House Office Building
Washington, D.C. 20515

Dear Chairman Sensenbrenner:

On behalf of the nation's 82 million credit union members and the nearly 10,000 credit unions belonging the Credit Union National Association (CUNA), thank you for your steadfast support in your continued efforts to pass the conference report for H.R. 333, the bankruptcy abuse reform bill.

As you know, CUNA has conducted a survey of its CEOs and volunteer board members for the past three years to rank issues of importance to credit unions. In each of these years, reform of the bankruptcy code has been at the top of the list, second only to the preservation of the credit union tax exempt status. CUNA also had conducted on its behalf voter surveys on this issue, which shows for each of the last three years that the general public overwhelmingly supports legislation that requires individuals to repay all or part of its debts when filing for bankruptcy.

When this process first began about six years ago, CUNA made clear that its top priorities in bankruptcy abuse reform legislation were the inclusion of a meaningful means test, protection of the right of credit union members to voluntarily reaffirm their debts, and mandatory financial education to give consumers the tools needed to repair their financial standing. I am pleased that Congress agreed with us and included each of these items in H.R. 333.

Consistent with credit unions' strong desire to pass this very important legislation, CUNA and credit unions have been engaged in a significant and sustained grassroots campaign, from phone calls and letters to advertising and research, to support your own efforts.

Again, I offer our sincerest appreciation for your efforts and look forward to continuing our strong working relationship on this and other issues.

Sincerely,
Daniel A. Mica
President & CEO

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