The Transaction Account Guarantee extension, which both CUNA and NAFCU are both pushing to package with member business lending legislation, could be losing steam in Congress despite the recent introduction of S. 3637 by Senate Majority Leader Harry Reid (D-Nev.).
On Nov. 27, The Financial Services Roundtable, an advocacy group representing the 100 largest financial services companies, said in a letter from President/CEO Tim Pawlenty to Reid and Minority Leader Mitch McConnell (R-Ky.) that not only have bank balance sheets improved since TAG was extended in 2010, continuing the program "may create the misperception of instability, at the very time that the financial services sector has made significant and positive reforms."
Independent Community Bankers of America President/CEO Camden Fine took to Twitter on Monday in response, likening the FSR to "It's a Wonderful Life" villain Henry Potter. Fine said on Twitter, "As the FSR TAG letter shows once again, Mr. Potter is still trying to vacuum up Main Street and Bedford Falls – ICBA & George Bailey will fight it."
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