WASHINGTON (12/4/08)--U.S. President-elect Barack Obama’s Transition Team turned its attention to credit unions Wednesday when transition representatives met with Credit Union National Association (CUNA) President/CEO Dan Mica and senior staff in Washington. Obama’s Transition Team is reviewing all federal agencies, including the National Credit Union Administration (NCUA). The team's members include former NCUA Board Member Debbie Matz; Scott Wallsten, economics professor at Stanford University; and Gregory Rosston, who is the team leader and deputy director of economic policy research also at Stanford. Among the credit union topics discussed during Wednesday’s meeting, according to Mica:
* The distinct characteristics of credit unions and the overall solid condition of the credit union system; * The need for a strong, independent NCUA Board; * How supplemental capital authority could benefit the credit union system; * How lifting the member business loan (MBL) statutory cap would further the new president's goals to increase the number of jobs created within the small business community; * The need for Treasury to be unbiased about credit unions; and * Why credit unions that need it should have access to assistance either through NCUA or Treasury.
The group also discussed the condition of corporate credit unions, fair value accounting, and examination issues. Mica said Obama’s Transition representatives appeared to have a good understanding of credit unions and NCUA. “They raised a number of questions to which we responded,” said Mica. “We also provided several background materials on facts about the credit union system and issues we are facing.” Mica said CUNA will follow up with the Obama Transition Team during the next few weeks. Afterward, the Transition Team will provide to the Obama Administration a confidential report reflecting views from CUNA and others, he added.