Statement of Credit Union National Association President and CEO Daniel A. Mica on H.R. 2351, the Credit Union Share Insurance Stabilization Act, introduced this week by Reps. Paul Kanjorski (D-PA) with original cosponsors Luis Gutierrez (D-IL), Ed Royce (R-CA), David Scott (D-GA) and Steven LaTourette (R-OH):

CUNA commends Reps. Kanjorski, Gutierrez, Royce, LaTourette, and Scott for introducing this bill and helping credit unions at this critical time. This bill is very similar to the provisions contained in S. 896, which passed the Senate last week by a vote of 91-5. We hope and expect the strong margin of Senate support, coupled with the bipartisan backing of this new bill, will encourage the House to act expeditiously. The additional borrowing authority for the National Credit Union Administration is an important backstop for credit unions. And allowing the cost of government assistance to the corporate credit union sector to be spread out for up to eight years will give all federally insured credit unions more resources in hand to lend back into their communities and help foster economic growth.