Letter to Reps Oxley and Frank Regarding HR1185
April 26, 2005
The Honorable Michael Oxley
U.S. House of Representatives
House Committee on Financial Services
2308 Rayburn House Office Building
Washington, DC 20515
Dear Chairman Oxley:
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 marked up in the House Financial Services Committee, that you continue 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.
Daniel A. Mica
President & CEO
Credit Union National Association