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News Now

Washington
Senate hearing to address rural CU bank issues
WASHINGTON (7/6/09)--The Credit Union National Association (CUNA) will testify Wednesday before a Senate Banking subcommittee's hearing entitled "The Effects of the Economic Crisis on Community Banks and Credit Unions in Rural Communities." The hearing is being conducted by the subcommittee on financial institutions. Frank Michael, president/CEO of Stockton, Calif.’s Allied CU will testify on CUNA's behalf, Community Reinvestment Association of North Carolina Executive Director Peter Skillern and representatives from other banking groups also will testify during the hearing, which is expected to be chaired by Sen. Tim Johnson (D-S.D.). On the House side, Rep. Barney Frank’s (D-Mass.) Financial Services Committee will hold a markup session for the Section 8 Reform Act of 2009 on Wednesday morning. Frank has also scheduled several hearings on proposed financial regulatory reforms for the remainder of July. He recently said that financial reform legislation could be submitted to the full House of Representatives as soon as August.


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