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News Now

Washington
Lavage is CUNA witness on corporate stabilization
WASHINGTON (5/19/09)—When a House Financial Services subcommittee turns its attention Wednesday to the Credit Union Share Insurance Stabilization Act, Bill Lavage, president/CEO of Service 1st FCU, Danville, Pa., will be testifying on behalf of the Credit Union National Association (CUNA). The bill, H.R.2351, was introduced by Rep. Paul Kanjorski (D-Pa.). It proposes to increase the borrowing authority of the National Credit Union Administration and establish a National Credit Union Share Insurance Fund restoration plan period. It also would assess insured credit unions for the costs associated with the corporate credit union stabilization effort on an anti-cyclical basis. Lavage will tell the subcommittee that CUNA strongly supports the legislation—considers it critical and timely. The CUNA testimony will spotlight the continued underlying strength of the credit union system, but will remind lawmakers that credit unions, and particularly corporate credit unions, have been buffeted by the economic conditions that have caused broad turmoil. If enacted into law, the provisions of H.R. 2351 would help ensure that credit unions remain a bulwark for the 92 million individuals and small businesses that look to them for financial strength and support, CUNA will point out. The National Credit Union Administration confirmed Monday that its chairman, Michael Fryzel, would be testifying on his agency’s behalf. Also expected to testify are representatives of the National Association of State Credit union Supervisors and the National Association of Federal Credit Unions.


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