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Nearly 30 press outlets cover CUNA holiday poll

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WASHINGTON (11/20/07)--Nearly 30 media outlets covered yesterday's Credit Union National Association (CUNA) and Consumer Federation of American (CFA) press conference to learn the findings of the groups' eighth annual Holiday Spending Survey.
Click to view larger image Nearly 30 media outlets covered the Monday's event in dowtown Washington, D.C. Among them: ABC TV, NBC TV, CBS News, Bloomberg, FOX News, FOX Business Television, ABC Radio, Reuters, CNN, Dow Jones, MarketWatch, and U.S. News & World Report. (Photo provided by CUNA)
The event was held at The National Press Club in Washington, D.C. Among the television, cable and radio networks, and newspaper groups that attended or covered the press conference: CUNA's Mark Wolff, senior vice president of communications, said the event with CFA--particularly with the advice about controlling holiday debt and consumer spending tips--has become another way to show credit unions are a trustworthy resource for the nation's consumers. Use the link below to read more details about the eighth annual CUNA/CFA holiday survey.

Motion seeks summary judgment in banker lawsuit

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WASHINGTON (11/20/07)--A motion supporting summary judgment against a banking industry challenge to the National Credit Union Administration (NCUA) decision allowing credit unions to expand their charters is being filed by the Credit Union National Association (CUNA) in cooperation with several credit union organizations. The other organizations are the Pennsylvania Credit Union Association the affected credit unions--Members 1st FCU, New Cumberland FCU, and Americhoice FCU--and the National Association of Federal Credit Unions. The motion was filed Monday. The bankers' case was brought in the name of the American Bankers Association and a group calling itself the Credit Union Task Force of Pennsylvania. The litigation challenges NCUA's determination that a six-county area in south central Pennsylvania constitutes a "well-defined local community" under the Federal Credit Union Act. "Our brief takes head-on the banker-plaintiffs' arguments that NCUA's approvals were 'arbitrary," said CUNA General Counsel Eric Richard. "The statement presents a well-crafted analysis showing that NCUA carefully reviewed the facts and made a reasoned decision after appropriate deliberation," Richard said. "NCUA's approval of the charter applications was based on a review of the full record, which demonstrated sufficient evidence of community interests, as well as the agency's expertise in chartering and supervising credit unions.” Richard added: “In short, it is clear that NCUA did what it was supposed to do in approving these applications. Our motion leaves no doubt that was the case."

Inside Washington (11/19/2007)

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* WASHINGTON (11/20/07)--Sen. Jack Reed (D-R.I.) Friday introduced a bill, the Government-Sponsored Enterprise (GSE) Mission Improvement Act of 2007, which would direct GSEs Fannie Mae and Freddie Mac to set aside $500 million to $900 million every year for an affordable housing fund. About 65% of the money would be put in a housing program operated by the Department of Housing and Urban Development, while the remaining 35% would be placed in a fund operated by the Treasury Department. The latter fund would provide grants for “financial activities that leverage affordable housing development, construction and preservation for low, very low and extremely low-income families,” Reed said (CNNMoney.com Nov. 16) …

House adjourned Senate in pro forma session

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WASHINGTON (11/20/07)—It is almost quiet on Capitol Hill as the House has adjourned for a Thanksgiving recess until Dec. 3 and the Senate hovers in pro forma status—no longer in session but on standby alert--but the tensions of a busy session linger. For instance, Senate Majority Leader Harry Reid (D-Nev.) invoked the formality of a pro forma session—an adjournment that is not an adjournment--to prevent President George W. Bush from making recess appointments of controversial nominees who have not been subject to confirmation votes. Also, the Nov. 19 CongressDailyPM reports that Reid told senators to be prepared for a busy three weeks between early December and when they adjourn for the year, which could be as late as just a few days before Christmas. Although members of the Senate Banking Committee last week asked the Credit Union National Association (CUNA) and other financial trade groups to identify their regulatory relief priorities, that issue is not yet on the Senate’s immediate horizon. The Senate is expected to focus the rest of the year on FY08 appropriations bills, legislation addressing the alternative minimum tax, and perhaps an energy package and a bill to extend the State Children's Health Insurance Program, along with some other pending issues. The House is expected to end its year by finishing work on Alternative Minimum Tax relief and negotiations with the Senate over FY2008 spending legislation.