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News Now

Washington
Bachus brings CU knowledge as Fin. Svcs. chair
WASHINGTON (12/9/10)--Credit Union National Association (CUNA) President/CEO Bill Cheney this week congratulated incoming House Financial Services Committee Chairman Rep. Spencer Bachus (R-Ala.), and CUNA has noted Bachus’s frequent support of credit unions. Bachus joined the House of Representatives in 1993, and has served as the ranking Republican on the committee for the past four years. Bachus has called credit unions “an integral part of our financial system,” and has praised credit unions for their pro-consumer work and their straightforward credit practices. He also sought CUNA's input to ensure that the "shared goals of charter preservation and credit union independence” were achieved as the Republican’s alternative regulatory reform legislation package was developed earlier this year, and worked to keep the recently enacted financial reforms from unjustly punishing credit unions. He has met with Alabama credit union representatives and members of the Southeastern League of Credit Unions several times, and is a frequent guest speaker at CUNA’s yearly Governmental Affairs Conference. Bachus was also a sponsor of 2008 legislation that would have eased field of membership and member business lending (MBL) restrictions in underserved areas for credit unions. However, that legislation did not become law. Generally, Bachus has fought against predatory lending practices, and authored legislation that lifted the federal deposit insurance level for credit unions and banks to $250,000. Bachus has indicated that he will put review of government-sponsored enterprises (GSEs) and the Dodd-Frank regulatory reform bill among the issues at the top of his agenda when he takes over early next year.


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