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Rep. Heinrich Dont make CUs pay for banks misdeeds
ALBUQUERQUE, N.M. (5/17/10)--Credit unions and small community banks should not bear the same regulatory burden as large national banks, U.S. Rep. Martin Heinrich (D-New Mexico) told the Credit Union Association of New Mexico (CUANM). Heinrich recommends an approach to financial regulation that would impose different restrictions on large national financial institutions than on credit unions and community banks. Furthermore, credit unions and small community banks should not suffer because of the misdeeds of large national financial institutions, he told CUANM in a recent interview. “We’ve got to take a smart approach to regulation that goes after what the problems are,” Heinrich told CUANM. “We shouldn’t blame or hold accountable credit unions and community banks for some of the problems Wall Street banks created. We need to come up with policies that treat small community institutions differently than national institutions. That is the smart and correct approach to regulation.” Heinrich is co-sponsoring H.R. 3380 in Congress to raise the amount of member business lending permitted for credit unions from the current federal cap. He recently wrote a letter to Speaker of the House Nancy Pelosi and House Majority Leader Steny Hoyer urging them to raise the cap on credit union business lending to 25% of total assets from 12.25%. “My wife and I have been credit union members for a long time,” Heinrich told CUANM. “Right out of college we joined New Mexico Educators [CU] and it has served us well. I find credit unions know their customers. You can walk in and talk to a real person. You don’t get that kind of generalized treatment you sometimes receive from big national banks. “I think credit unions do a good job of meeting the needs of their individual members and I think that makes a difference,” he added. To read the interview, use the link.
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