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PCUA CEO testifies on CUs financial conditions
HARRISBURG, Pa. (9/25/08)--Jim McCormack, president/CEO of the Pennsylvania Credit Union Association (PCUA), testified on behalf of credit unions before the State House Commerce Committee about current financial market conditions and their effect on Pennsylvania.
Jim McCormack, president/CEO of the Pennsylvania Credit Union Association, testified before the State Commerce Committee that Pennsylvania credit unions are healthy and well-capitalized. (Photo provided by the Pennsylvania Credit Union Association)
Credit unions will be affected indirectly in the long term by the current credit crisis, but credit unions are well-capitalized and have healthy reserves, he explained to the committee (Life is a Highway Sept. 24). “Our deposits grow organically. We have healthy balance sheets, and we’re in the business of lending to consumers,” McCormack said. Also testifying were Steven Kaplan, secretary of banking; Robin Wiessmann, state treasurer; and representatives from the Pennsylvania Securities Commission, including: Robert Lam, acting chairman; Michael Byrne, chief counsel; and John Quinn, director, corporation finance. The committee will hold a future meeting after the U.S. Treasury unveils its proposal, PCUA said.


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