CUNA Asks for Treasury Support on PCA Relief, Outlines R.E.S.C.U. Mission for Commerce Secretary
WASHINGTON-CUNA President and CEO Dan Mica is highlighting credit unions' efforts in Hurricane Katrina at the highest levels of government. He has written two cabinet members explaining what CUNA and credit unions are doing to help rebuild after the storm. Mica also asked for Treasury's support on temporary, if not permanent, Prompt Corrective Action relief to allow credit unions to continue their efforts. Mica's letter to Treasury Secretary John Snow stated, "Going forward, however, there remain serious concerns that the timely recovery of affected credit unions will be significantly limited by prompt corrective action. "As you know, considerable PCA concerns may be faced by a number of credit unions in the path of Hurricane Katrina, due in part to the relocation of their membership, as well as to the uncertain future of their communities. Issues such as nonperforming loans, which are a very real possibility, would exacerbate the situation." Mica previously spoke with Snow by phone on Sept. 6 to discuss relief efforts. CUNA's chief also informed Commerce Secretary Carlos Gutierrez of CUNA's "Relief Effort and Support for Credit Unions" (R.E.S.C.U.) and detailed how it kept CUs up to date on the latest regulatory and legislative developments related to disaster relief. Mica was invited to a Sept. 14 briefing at the Commerce Department to discuss the business community's response to the hurricane destruction, but was unable to attend.