Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
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.


RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
14 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
16 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
16 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
16 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
17 hours ago