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Letter to Reps Hastert and Pelosi Regarding H R 1185

Letters to Congress

Letter to Reps Hastert and Pelosi Regarding H.R. 1185

May 2, 2005

The Honorable J. Dennis Hastert
Speaker
U.S. House of Representatives
235 Cannon House Office Building
Washington, DC 20515

Dear Mr. Speaker:

The Honorable Nancy Pelosi
Leader
U.S. House of Representatives
2371 Rayburn House Office Building
Washington, DC 20515

Dear Madam Leader:


On behalf of the Credit Union National Association (CUNA), which represents nearly 86 million credit union members, I would like to request that when The Deposit Insurance Reform Act, H.R. 1185 is considered by the House of Representatives this week, that you continue to support the provisions which seek to provide for equal coverage of National Credit Union Share Insurance Fund (NCUSIF) deposits with those insured by the Federal Deposit Insurance Corporation (FDIC).

Although credit unions have not historically taken a position on the need for an increase in coverage, it is imperative that if an increase in FDIC coverage is provided, there must be an equal increase in the National Credit Union Share Insurance Fund (NCUSIF) in order to avoid any possibility of a loss of faith in the safety and soundness of the credit union fund.

Again, CUNA and its member credit unions strongly support your efforts to provide equal coverage for NCUSIF deposits, in FDIC reform legislation. As always, we look forward to working with you.

Sincerely,
Daniel A. Mica
President & CEO
Credit Union National Association

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