League lobbies for PCA relief for hurricane-hit CUs
HARAHAN, La. (2/23/06)--The president of the Louisiana Credit Union League was in Washington, D.C., last week to lobby for prompt corrective action (PCA) relief and flexibility for credit unions stricken by last summer's hurricanes.
Anne Cochran met with Sens. Mary Landrieu (D-La.) and David Vitter (R-La.) and members of their staffs to explain the situation with Louisiana's hurricane-affected credit unions, according to eNews (Feb. 22).
Cochran noted that members' confidence in their credit unions has caused them to deposit 'parked' insurance funds into their credit union savings and share draft accounts. That has resulted in "unprecedented growth in deposits and therefore assets," she said.
"The result is that the assets of Katrina-affected credit unions have grown significantly," Cochran said.
The senators agreed to discuss the issue with their ranking members of the Senate Banking Committee and said they would ask them to consider legislation that would give PA relief/flexibility for 18 months.
The House unanimously passed legislation in late 2005 that included PCA relief for affected credit unions. To date, there has been no movement on the Senate side on similar legislation.
The league will provide the senators with a one-page summary.
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