Credit Union Times senior Washington reporter Claude Marx was on the job with his notepad and photographer John Cooke wielded his camera this week at the NAFCU Congressional Caucus in Washington, D.C.'s historic Mayflower Hotel. In addition to their print coverage, which will appear in the Sept. 28 edition, there was coverage on the Web. And here are photos of some of the speakers.
Rep. Brad Sherman (D-Calif.), a senior member of the House Financial Services Committee, said Congress could help spur job creation by passing legislation to erase the cap on member business loans, He promised to fight for it and to work to ensure that credit unions don’t lose their tax-exempt status.
Former Democratic National Committee Chairman Terry McAuliffe said both parties are to blame for the political gridlock in Washington that is exacerbating the nation’s economic problems. But he added that it is too early to early to predict with certainty how the recession will impact next year’s election.
Rep. Gerry Connolly (D-Va.) praised credit unions for their strong record of service to their members and said he strongly supported legislation to raise the cap on member business plans from 12.25% to 27.5%. He said even though his positions have caused him to be criticized by the banking lobby, which sought to defeat him last year, he was proud of his record because credit unions have been more willing to do business lending in recent years than have some banks.
NCUA Chairman Debbie Matz said the agency plans to add new regulations while streamlining others in its efforts to improve its supervision of credit unions.
NCUA Board Member Gigi Hyland urged credit union executives to be aggressive when taking their message to Capitol Hill. She said the focus should be on how they could create more jobs if lawmakers raise the cap on member business lending, and also urged them to explain to lawmakers the importance of keeping their tax-exempt status.
House Financial Services Committee Chairman Spencer Bachus (R-Ala.) uses a visual aid to demonstrate his point about the excessive regulations that he said are hurting credit unions and other businesses.
NCUA Board Member Michael Fryzel urged credit union executives to boast about their records of improving the financial lives of their members when talking to members of Congress about issues such as raising the cap on member business loans and saving the credit union tax exemption.