CUNA News Now: Live from Denver: Mica touts CUs on Fox

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DENVER, Colo. (8/29/08)—Speak to middle America in addressing the credit and housing crisis, was the advice that Credit Union National Association President/CEO Dan Mica had for the presidential nominees when asked by Fox Business Network Thursday.

Speak to middle America in addressing the credit and housing crisis, was the advice that CUNA President/CEO Dan Mica had for the presidential nominees when asked by FOX Business Network Thursday. CLICK TO VIEW SLIDESHOW (Photo provided by CUNA) CLICK TO WATCH VIDEO

Mica said whether the new president is Democrat Barak Obama or Republican John McCain, their first order of business would be "do no harm." A new president must assure Americans that their government is there as a back stop but won't do anything to create any more jitters in the markets.

Appearing live from INVESCO Field here just hours before Barack Obama is expected to accept the nomination to become the Democratic Party's presidential candidate, Mica also touted the strength of the credit union system to a national audience during his Fox interview at the Democratic National Convention.

Coolly espousing credit union virtues above the sound of a loud practice session of Michael MacDonald singing "America" in the background, Mica reiterated that credit unions have not been part of the subprime lending mess; rather they are helping to address the country's credit crunch by continuing to lend.

"Credit unions are part of the solution, not part of the problem," Mica told his Fox interviewers. "We weren't part of the 125% loan, the liar loans."

For credit unions, Mica said, "liquidity is there" and he assured that deposits in credit unions are "absolutely" safe.

"We have solid asset ratios. In fact, we are still lending and we've always had good, solid lending practices," Mica said, adding, "Amid all this (market) chaos, there is a calm, a reasonable place to go—credit unions."

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