Treasury meets with CUNA on CU issues

WASHINGTON (2/26/10)--High-level U.S. Treasury officials, including Secretary Timothy Geithner, met with the Credit Union National Association (CUNA) Thursday to discuss significant issues facing credit unions, including raising the statutory cap on credit union member business lending (MBL) and permitting access to secondary capital for credit unions.

The meeting also included Counselors to the Secretary Jeffrey Goldstein and Gene Sperling, and Assistant Treasury Secretary for Financial Institutions Michael Barr, and from CUNA, President/CEO Dan Mica and Chief Economist Bill Hampel.

Mica described for the assembled Treasury officials the public policy advantages of assisting the economic recovery by permitting credit unions to grant more loans to small businesses.

Mica also refuted charges others in the financial services industry have raised to Treasury and federal legislators about raising the MBL ceiling. Mica emphasized during the meeting, "I believe there really are no good public policy reasons not to lift the cap."

At an address this week at CUNA's Governmental Affairs Conference (GAC) this week, Treasury's Barr indicated that Treasury is committed to working with CUNA and credit unions to increase the flow of credit to communities.

Barr was addressing the Tuesday general session of the GAC, CUNA's premier legislative and governmental issues conference, which this year drew more than 4,000 credit union representatives to the nation's capital.

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