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The final day of CUNA's GAC featured U.S. Mint Director Philip Diehl, H.R 1151 original co-sponsor Steve LaTourette (R-Ohio), Senator Blanche Lincoln (D-Ark.), Rep. Ellen Tauscher (D-Ca.), prospective House Banking Committee Chairperson (if the Republicans maintain control) Marge Roukema (R-N.J.), and Humorist Art Buchwald. The two major conference "no shows" were Sen. Jack Reed (D-R.I.) and Rep. Tom Davis (R-Va.). Diehl, LaTourette, and Roukema had information of direct relevance to CUs:
Diehl said that upwards of 200 million of the U.S. Mint's "spectacularly popular," gold-colored, Sacagawea coins have already been delivered to outlets throughout the country, including credit unions, and he expects that half-a-billion will be delivered by the end of April. That is an amount, he said, that it took the unpopular Susan B. Anthony dollar 14 years to match.
In addition, Diehl told GAC attendees, credit unions throughout the country will soon be receiving an U.S. Mint letter inviting them to purchase up to 2,000 of the new coins under expedited conditions.
Commenting on bankruptcy reform and the differences in the vying House and Senate versions of it (H.R. 833 and S. 625), LaTourette said that the Senate's version contained a "$1 hike in the minimum wage, which will be a non-starter with many in the House of Representatives." LaTourette added, however, that the pending legislation-expected to go to conference this month-represents the "most comprehensive reform of bankruptcy in 22 years." Consumer bankruptcies, he maintained-though they were down 8% in 1999 from 1.4 million in 1998-remained a problem.
Also commenting on bankruptcy reform legislation differences, Roukema told her audience that controversial Senate amendments to the House version of the bill-such as the minimum wage and abortion clinic violence amendments-would "have to be taken out" in conference to satisfy House conferees. Roukema also said she wasn't sure whether or not the House version's reaffirmation exemption for CUs (from automatic judicial review) "was accomplishable," but that definitely it could be dealt with in an intelligent and fair-minded way."
Roukema concluded by saying that she would support NCUA's attempts to raise the cap on Central Liquidity Facility borrowing-soon to revert to its previous, $600 million level-in a "realistic and permanent way."
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CUNA, which had reservations about the trade association-like aspects of NCUA's original strategic plan, announced its support of the NCUA's recently approved final plan (see related story page 1).
"In the revised strategic plan, NCUA has backed away from becoming actively involved in activities more fitting for a trade association. One important change is the elimination of quotas the agency wanted to establish on service to the underserved. Another makes clear the agency no longer will be a collection point for best practices or identify business strategies to keep credit unions competitive," said CUNA President Dan Mica in a statement. "NCUA also now will track credit union service to low-income individuals based on existing data rather than actively monitoring such service," said Mica. -
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