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Statement by Credit Union Natl Assn CUNA President and CEO Bill Cheney on Defeat in Senate of tag Bill

Statement by Credit Union Natl. Assn. (CUNA) President and CEO Bill Cheney on Defeat in Senate of (tag) Bill

Statement by Credit Union Natl. Assn. (CUNA)  President and CEO Bill Cheney On defeat in Senate of 'transaction account guarantee' (TAG) bill

December 13, 2012


FOR IMMEDIATE RELEASE
Contact: Patrick Keefe
CUNA Communications, 202-508-6765
pkeefe@cuna.com


CREDIT UNION OPPOSITION HELPS STRIKE DEATH BLOW TO BANKS' TAG
'Won't be last time' credit unions oppose bank legislation

Credit unions, their state associations across the country and CUNA aggressively opposed this TARP-era bailout program; its defeat is a death blow to the legislation. This is the first time that credit unions have vigorously opposed bank-backed legislation; it won't be the last time. We will be alert for any attempt by banks to attempt to attach this bill to some other year-end legislative package - and will oppose any such effort just as energetically as long as there is no similar treatment for credit union business lending legislation in the same measure.

In the meantime, credit unions will continue to look for, and seize, all opportunities to include our business lending legislation in any appropriate end of year legislative package. Congress will be in session for at least another week and a half - this isn't over until it's over.

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