Nationwide press report plan's impact on CUs, members

WASHINGTON (4/2/08)--When Credit Union National Association (CUNA) President/CEO Dan Mica asserted to U.S. Treasury Secretary Henry Paulson on Monday that Treasury's reform plan would harm credit unions and more than 90 million Americans, the media were taking notes.

Monday and Tuesday's overwhelming press coverage amplified the trade association's objections to the plan and seemingly reinforced the point that credit unions look out for the interests of average Americans.

The Wall Street Journal yesterday recounted Mica's exchange with Paulson in the Treasury's historic Cash Room. The New York Times reported Mica was "astonished and angered" by the plan, which he said would "add up to more choices for Wall Street and less for consumers--and turn credit unions into banks."

In an interview with the PBS Television's Nightly Business Report, the CUNA leader said placing credit unions under a bank regulator "would be a lot like putting the chickens under the guardianship of the fox."

An Associated Press story noted CUNA's objection to Treasury's plan, which Mica said would "abolish a separate federal regulator for credit unions" and "essentially turn credit unions into banks." That story was published by nearly 100 outlets, including The Boston Globe, Forbes, and the Philadelphia Inquirer.

Other national and Capitol Hill media covering Mica's comments included The Washington Post, Politico and Congress Daily.

Mica is scheduled to appear live on Bloomberg Television today between 2:15 and 2:45 p.m. ET to discuss the Treasury's Blueprint for Regulatory Reform. The broadcast is expected to originate from the Senate Russell Office Building Rotunda, and can be streamed live via the Internet.

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