CUNA Creates Credit Union Renaissance Commission
May 24, 2000
Contact:
Mark Wolff
202-682-4200 (work)
202-262-3712 (cell)
WASHINGTON – The Credit Union National Association (CUNA) Board has voted to create a new commission that will develop a "blueprint" for credit unions’ legislative and regulatory future.
The Credit Union Renaissance Commission will consist of 18 to 24 leaders from credit unions and state leagues. Its members, to be announced within several weeks, will represent credit unions of all sizes, charter types, and regions of the U.S. Its mission, as the name Renaissance suggests, is to create a proactive plan that will lead to a new era of advancement and consumer enthusiasm for the nation’s 10,500 credit unions.
"Through CUNA’s leadership, we’ve succeeded in redefining how we are looked upon politically. Now is the time to take the next step: a positive approach to attain legislative and regulatory changes that will enhance the credit union charter and enable us to better serve our members," said CUNA Chairman David Maus, CEO of Public Service Credit Union in Denver. "The Renaissance Commission will provide our blueprint for action."
Recommendations will be developed over the course of the next year. To enhance the federal credit union charter, the commission will primarily look at changes to the Federal Credit Union Act and the rules and policies of the National Credit Union Administration, though other federal laws and regulations may also be examined. For federally insured, state-chartered credit unions, the panel will seek ways to ensure that federal laws, regulations and supervision do not impede their ability to serve the nation’s consumers. Its work will also influence CUNA’s current initiative to create an updated model state credit union act as a guide for state legislatures.
"The Renaissance Commission’s work will be a major undertaking that will inform and guide CUNA’s governmental initiatives for some time to come. We’re not ready to go to Capitol Hill yet, but this will be our first step," noted CUNA President and CEO Daniel A. Mica. "The resources, energy and attention devoted to this task will be on the order of magnitude of those devoted to the Renewal Project that resulted in major changes modernizing CUNA’s structure and governance. This is our focus for the future."
In the months to come, the Credit Union Renaissance Commission will be gathering input from credit unions through focus groups, surveys, Internet-based communications, and congressional-style hearings. "It’s important the recommendations that emanate from the Commission flow from the bottom up, not the top down," said Mica. "We’ll begin by finding out directly what federal and state credit unions feel would be the most significant improvements they would like to see made in their charters, then assess the issues and our options."
With its network of affiliated state credit union leagues, the Credit Union National Association serves more than 90% of America’s 10,500 state and federally chartered credit unions, which are owned by more than 78 million consumer members. Credit unions are not-for-profit cooperatives where people are worth more than money. For more information, visit www.cuna.org.
