“The Treasury’s announcement today causes us concern. Although the Economic Emergency Stabilization Act explicitly includes America’s credit unions, the implementation of the program thus far has not included credit unions, and the Treasury’s announcement makes it unclear how credit unions will be included.

“It has always been our position that credit unions not be disadvantaged by the government’s response to the nation’s financial crisis. Credit unions could have been covered under a troubled asset purchase plan. But, because of the credit union capital structure, to date credit unions have not been eligible for the capital infusion plan.

“In addition, an asset purchase program would have helped to establish values for some of these troubled assets in today’s dysfunctional markets.

“We must be assured that the interests and needs of our 8,000 cooperatively owned financial institutions are addressed so they may help their 90 million members deal with this financial crisis. At the least, we urge the Treasury to consider a set aside of funds to be used by Main Street financial institutions – such as credit unions.

“Our preference is that credit unions be able to turn to the National Credit Union Administration for assistance, so that credit union funds can help credit unions solve their own problems, with backup funding from Treasury if necessary. We again urge NCUA to implement a program for credit unions – by credit unions – that accomplishes the intent of the Emergency Economic Stabilization Act for the movement.”