Dodd: CUs are good for America

WASHINGTON (2/25/10)--Sen. Christopher Dodd (D-Conn.) encouraged credit unions to continue to expand their activism in politics and finance, and help the nation recover from current economic stresses.

Dodd, who is chairman of the Senate Banking Committee, has long been

Click to view larger image CUNA honored retiring Sen. Christopher Dodd (D-Conn.) with a resolution citing the federal lawmaker's many accomplishments in both the Senate and the House. Dodd returned the compliment saying he will "always remain a strong supporter of credit unions." (CUNA photo)
involved in shaping legislation impacting financial institutions. He is retiring this year after five terms in the U.S. Senate and two in the U.S. House.

During a speech Wednesday to the Credit Union National Association's (CUNA's) Governmental Affairs Conference (GAC), the Connecticut Democrat reminded the audience that credit unions have been a force in helping citizens realize the American dream.

"Now," he said, "the dream is slipping away because of greed within the financial system, and failure of the regulatory structure." Dodd, a consistent supporter of credit unions, said the challenge to correct this fits in with the credit union mission.

"Credit unions are good for America," he added. "They serve 90 million credit members who would have nowhere to turn."

The senator was honored during the GAC meeting in a CUNA resolution citing his contributions. Dodd returned the compliment.

"I leave the U.S. Senate without knowing what my future will be," he said, "but I know one thing—that is I will always remain a strong supporter of credit unions."

Reporting from the GAC, Reuters wrote that Dodd told reporters after his speech that he expects lawmakers will soon be able to reach a bipartisan agreement on financial regulatory reform—working past an earlier seeming impasse. When pressed for a timetable, Dodd declined to give specifics but added he expected to get agreement "soon."

Taking the GAC podium just before Dodd, Sen. Mark Udall (D-Colo.) ventured that a comprehensive Senate regulatory reform package could be on the floor of the Senate by May. (See related story: Udall 'excited' about MBL bill potential.)

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