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Washington
Last chanceTARP Survey deadline is Wednesday
WASHINGTON (2/17/09)--Credit unions have one last chance to weigh in on the Credit Union National Association's survey about whether or not credit unions should seek access to funds from the federal government's Troubled Asset Relief Program (TARP). Deadline for comments on the survey is at the end of the day Wednesday. Use the survey link. "We've received overwhelming response to the survey so far," said Mike Schenk, vice president of CUNA's economics and statistics, " and we're urging credit unions to make sure they fill out the survey by the end of the day Wednesday." TARP is a highly controversial issue among credit unions. The legislation that set up TARP last year included credit unions as eligible institutions, but as implemented by the U.S. Treasury Department to date, credit unions have not been included. CUNA Chief Economist Bill Hampel indicated that CUNA has heard from a number of credit unions with very strong opinions on both sides of this issue. "The recent deepening of the economic and financial crisis along with the costs of the National Credit Union Administration's Corporate Stabilization Program has added urgency to the question of credit unions and TARP," he said. "CUNA is considering a number of options, but before making any final decisions we would very much like to hear from as many member credit unions as possible on this issue. Therefore, we are conducting a quick, non-scientific survey," Hampel said. In the survey, CUNA first describes some of the arguments it has heard for and against credit unions gaining greater access to TARP. Credit unions should read the information, consider the arguments and their own views on the subject, and then complete the very brief survey, Hampel instructed. Readers can find out more about the NCUA Corporate Stabilization program and also can access the CUNA TARP survey on the CUNA web site at the links below. For questions regarding the survey, contact Paul Ledin, senior data analyst, at pledin@cuna.com or 800-356-9655, ext. 4389.
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