NCUA Chairman Fryzel's recommendation to Congress is a step forward in ensuring credit unions are not disadvantaged under the TARP program. Access to Treasury funds through NCUA as suggested by Chairman Fryzel could be an important backstop for credit unions affected by the economic downturn. However, CUNA continues to hear from credit unions who want a system-based solution that does not rely on Treasury funding to address credit union problems. There are many ways such a solution could be structured to avoid reliance on taxpayer funds. We will continue to work with Chairman Fryzel and the NCUA Board to seek such an approach,
which is reflective of the cooperative nature of the credit union movement and would not further burden the U.S. taxpayer.