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Indiana governor supports expanded CUs, MBL

INDIANAPOLIS (9/29/08)--Indiana Gov. Mitch Daniels opened the Indiana Credit Union League's annual convention Friday morning and expressed support for key credit union initiatives in the state, according to League President John McKenzie.

Daniels indicated prior to the meeting that he was in agreement with two key areas of emphasis that the league has expressed in a recent letter to the state's congressional leaders, which asked them to be mindful of any impact congressional action could have on credit unions.

The areas of agreement are:

• An expansion of the credit union presence in the marketplace as a part of the solution for the for-profit sectors problems, even though credit unions did not create those problems.

• An expanded presence in business lending to provide local lenders as a counterbalance to the for-profit sector.

Daniels not only has clout in the state, but also has national influence, as a former chief of staff to Sen. Richard Lugar, as a senior advisor to former President Ronald Reagan, and as a former director of the Office of Management and Budget for President George W. Bush, McKenzie told News Now.

"He indicated that this is a great time for credit unions to tout what they stand for and promote the right way to do business," McKenzie said.

The governor was in agreement with a letter the league sent to Indiana's members of Congress on Sept. 22. Credit unions have been pointed out by congressional leaders as "being a bright spot in today's financial services marketplace," the letter said.

"Because not-for-profit credit unions continue to provide an important counterbalance to the for-profit sector of the marketplace, we believe that the current environment demonstrates that an expanded credit union presence is good for the financial system, good for consumers, and good for business owners needing access to credit from local lenders," McKenzie said.

The governor also expressed support for credit unions during a question and answer session after his speech.

Daniels is a long-time credit union member. He is a member of Eli Lilly FCU in Indianapolis.