WASHINGTON (5/23/08)--Sen. Joseph Lieberman (I-Conn.) Thursday sent a letter of gratitude to Credit Union National Association (CUNA) President/CEO Dan Mica regarding the support CUNA members have expressed to Lieberman since he introduced the Credit Union Regulatory Improvements Act (CURIA) in the Senate. The senator introduced the bill May 1. Lieberman noted that he looks forward to working with CUNA members to get CURIA passed. Credit unions are a critical component of the U.S. financial landscape, he said. “Throughout the credit crisis plaguing our financial sector over the last ten months, credit unions have been among the few lenders in the financial industry demonstrating the resiliency and strength to continue lending to both consumers and local small businesses,” Lieberman wrote. “There is no doubt that with the depth and breadth of support from the membership of CUNA and their accountholders, we have a real opportunity to approve legislation that will positively affect the micro-level economic conditions in communities across America,” he added. CURIA proposes, in part, to:
* Modernize credit union capital standards to permit more efficient capital management while allowing more earnings to be returned to members in lower costs and expanded services; * Expand the ability of credit unions to make loans to finance their members’ local small businesses; and * Permit more credit unions to offer needed services in lower-income communities that are not adequately served by other depository institutions.
Senate rules prevent Lieberman from responding to mail, emails and phone calls he has received from outside of Connecticut. To read the full letter, use the link.