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News Now

Washington
House Whip tells CUs Marshall your firepower
WASHINGTON (2/24/10)--Rep. James Clyburn urged credit unions to marshal their political firepower to help resolve the financial crisis, adding that not all pending proposals to cure the current recession are in the interest of credit unions. Clyburn made the observation in a speech Tuesday before the Credit
House Majority Whip James Clyburn tells attendees at CUNA's Governmental Affairs Conference that he and his family have been involved with credit unions for years. (CUNA photo)
Union National Association‘s (CUNA) Government Affairs Conference (GAC). The South Carolina Democrat cited regulatory reform legislation, which he said should be amended to exempt credit unions. “Credit unions should be exempt from the risk provisions of the bill because credit unions are different,” he told the GAC. Clyburn, who is the House Democratic Whip, stressed that he and his family have been involved in the credit union movement for years, and the credit union influence needs to play a role in the current redesign of the financial structure. He also cited the importance of resolving the nation’s health care problems in easing the current economic recession, and the need to enact legislation to generate more employment. CUNA is urging lawmakers to lift a statutory cap on credit union business lending to members as a means to infuse more than 100,000 jobs into the jobs market and to bring $10 billion of new lending to small business members of credit unions within the first year of enactment.


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