Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Mass. CUs lobby summit for inclusion in rescue plan
BOSTON (11/12/08)--Massachusetts credit unions met with state House Speaker Sal DiMasi and other lawmakers to discuss concerns about the $700 billion rescue plan for the financial system. The rescue plan would pump billions of dollars into big banks, giving them financial room to devote funds to marketing and lowering interest rates for loans, while credit unions and community banks would be put at a competitive disadvantage, they told the Boston Herald (Nov. 11). Dan Egan, president of the Massachusetts Credit Union League, said "credit unions don't have access to that money. The larger banks can do what they want with that (federal) capital. It makes them stronger." Treasury Secretary Henry Paulson is earmarking billions of dollars for the nation's largest banks to push lending, even though some of them are not in peril, Egan told the newspaper. As a result, smaller banks and credit unions are in a "disadvantageous position" because they can't access the bailout funds, he said. DiMasi's "economic summit" meeting was with financial institutions and insurers. DiMasi told the Herald local financial leaders there made it clear that distribution of bailout funds should include smaller institutions, even those that are financially healthy.
Other Resources

RSS





print
News Now LiveWire
Cornerstone CU Union Foundation says it's prepared to assist #CUs & their employees affected by severe storms in Arkansas and Oklahoma.
6 hours ago
In 2014,use of remote deposit capture experienced 13% increase to 51%. But checking a balance continued to B the most common mobile activity
6 hours ago
'Fixing Your Finances' part of @PCUA's #iBelong campaign http://t.co/7j6HO1njog @fox43 @Bellco_CU @Members1stFCU
9 hours ago
Home prices outpacing income growth in 3/4 of U.S. markets @RealtyTrac http://t.co/BQR1w4k822
11 hours ago
Refinance #MarchMadness: Refis drive up mid-March mortgage apps: MBA http://t.co/rTUnlJB516
15 hours ago