CUNA's priority on CURIA won't change, says CUNA CEO

LAS VEGAS (6/7/07)--"You don't have to be a genius to see the dramatic changes in Washington. Everything has turned into politics about the presidential election or Iraq. It's sucking the air out of Washington, but it doesn't change CUNA's priority--CURIA," vowed Credit Union National Association (CUNA) President/CEO Dan Mica, referring to the Credit Union Regulatory Improvements Act.

Credit Union National Association (CUNA) President/CEO Dan Mica spoke about the Credit Union Regulatory Improvement Act (CURIA) at the closing session Wednesday of America's Credit Union Conference & Expo in Las Vegas. (Photo provided by CUNA).
Mica spoke at the closing general session of America's Credit Union Conference & Expo in Las Vegas. The conference, sponsored by CUNA, ended Wednesday.

"CURIA has three things of importance to credit unions: prompt corrective action, member business loans, and field of membership issues," he said.

"Banks claim that 'Credit unions are killing us' on member business loans," but Mica quoted statistics from the bankers themselves about who their real competitors are: "50.7% say its commercial banks, and 43.2% say large banks are responsible, while credit unions account for only 1.9% of their competition."

He pointed to a large chart with these figures and said, "It's time we take this chart to Congress and ask, 'Are the banks misleading you?'"

Mica noted the banks' hard campaign waged against keeping credit unions from serving the underserved. "Nonsense," he said.

"We're considering asking for a congressional inquiry into the truth (of the statements) banks are putting out to Congress."

Another study Mica focused on was the Government Accountability Office's (GA0) indicating that banks have had record profits for the past decade while today 31% of banks use tax loopholes such as SubChapter S to get a $108 billion a year tax break.

He also addressed:

  • Membership growth: "It's not growing where we want it to go. Still, he noted that credit unions are nearing the 90th million member milestone.

  • Political action committees: CUNA's political action committee is the sixth largest in the U.S., with the average contribution at less than $20. CUNA is one of the top trade associations among the 25,000 registered in Washington, D.C.

  • Credit Union House: Credit unions' "embassy" is a focal point in Washington, D.C., to use as their beacon or lighthouse in meeting with their elected representatives. So far, 31 states have scheduled events for Hike the Hill. By the end of the year almost all states will have Hike the Hill events. He noted it is the only entity in the Credit Union System that does not raise funds. CUNA pays for two staffers, and the leagues paid for the building. "Put an amount in your budget to help keep this beacon, this lighthouse for credit unions' efforts."

Credit unions "are the white hats, and we're the only thing that stands between Americans" and higher fees and interest rates. "We have a philosophy to help people--not just a bottom-line profit. We've set the benchmark at the low end for fees." He thanked credit unions for being "the heart and soul of the movement."

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CURIA, H.R. 1537
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