Statement by CUNA President and CEO Dan Mica Following Approval by NCUA of New Membership Rule

June 22, 2006

FOR IMMEDIATE RELEASE
Contact:
Patrick Keefe, CUNA Communications
(202) 508-6765
pkeefe@cuna.com

The vote today by the NCUA Board to approve the new field of membership rule was the only option really open to the board, based on advice of legal counsel. Nevertheless, it was an act of courage and leadership. The board did what had to be done -- not what the board members necessarily wanted to do -- to stay within the law.

Although Mr. Hood voted against the rule, our hearts are with him. It is the bankers’ fault that credit unions are faced with this choice, and banks – not credit unions – should be held accountable. The banking industry forced this situation by filing suit in Utah to prevent credit unions from serving members of modest means. In fact, the same week that they filed the lawsuit, bankers were testifying before Congress that credit unions should lose their tax exemption because they are NOT serving members of modest means.

This is hypocrisy of the highest order. And, frankly, everybody in the Congress knows it. It is high time that bankers be outed for their duplicity, and the blame be placed squarely on them for blocking, obstructing and sabotaging credit union service to their members.

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