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News Now

Washington
CUNA meets with Treasury on Corp. CU issues CFPB
WASHINGTON (10/8/10)—Credit Union National Association (CUNA) President/CEO Bill Cheney on Thursday thanked the U.S. Treasury for aiding the National Credit Union Administration in its development of the corporate credit union resolution plan. Cheney also discussed the NCUA’s corporate credit union legacy asset plans during his meeting with Assistant Treasury Secretary Michael Barr, and thanked the Treasury official for his agency’s support of increasing the credit union member business lending (MBL) cap.
CUNA President/CEO Bill Cheney meets with Asst. Treas. Secretary Michael Barr (left).
The Treasury was a key supporter of the MBL legislation, as Treasury Secretary Tim Geithner earlier this year publicly backed lifting the MBL cap in a letter to Congress and encouraged the administration to include MBL language in future economics-oriented legislative packages. Cheney told Barr that CUNA is looking for opportunities to reintroduce MBL legislation, which would increase the current 12.25% cap to 27.5% of total assets, during the coming “lame duck” session of Congress. CUNA is also looking for opportunities to introduce legislation that would allow credit unions increased access to additional sources of capital, Cheney added. The CUNA CEO also among a number of industry insiders who met with Consumer Financial Protection Bureau architect Elizabeth Warren earlier in the day. CUNA is working with the developing CFPB to decrease the regulatory burden for credit unions, and Warren earlier this year said that the CFPB’s goal of improving the transparency and consumer-friendliness of many financial products would benefit credit unions, as they already lead their competitors in these core areas.


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