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News Now

Washington
Sherman MBL alt. capital opposition doesnt make sense
WASHINGTON (2/25/10)--Rep. Brad Sherman (D-Calif.) on Wednesday told credit union advocates to be proud that they were attending the largest assemblage of financial institutions “where no one has taken any TARP money.” The assemblage, the Credit Union National Association's Governmental
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Affairs Conference (GAC), officially ends today, and Sherman told attendees at Wednesday's general session that he would work toward legislative fixes to increase the member business lending cap, as well as provide alternative sources of capital for credit unions. “Wall Street needed more capital-we gave them more than $700 billion. Look at credit unions. No one is asking for a bailout or a federal investment of money. It doesn’t make sense how Congress can inject capital over here and serve as a barrier over there,” Sherman said. Sherman also reflected on some of his earlier work on behalf of credit unions, citing legislation to allow credit unions to provide remittances. Sherman also noted legislation he expects will pass that creates a fund to bail out failing institutions. At one time that bill included assessments on some credit unions, but now excludes every credit union in the country, he said.


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