If the debate over what to do about Fannie Mae and Freddie Mac were a boxing match, last week's hearing before the House Financial Services Committee would have been the first round.
NAFCU has refrained from making concrete suggestions about what sort of structure a new Fannie Mae or Freddie Mac might one day have but has urged legislators to preserve their ability to help CUs manage mortgage liquidity.
After months of bipartisan bashing of the Federal Reserve's actions during the recession,
Attendees of CUNA's Governmental Affairs Conference last week were spared a winter storm, but there was a flurry of activity.
WASHINGTON -- Two powerful members of the House Financial Services Committee gave credit unions reasons to hope that Congress might eliminate or at least lift the cap on credit union making business loans to their members.
As credit union executives were hiking the Hill this week during CUNA's Governmental Affairs Conference, their efforts did not go unnoticed by many lawmakers.
Representative Spencer Bachus (R-Ala.), the most senior Republican on the House Financial Services Committee told attendees of CUNA's GAC on Feb. 24 that it was time for Congress to lift the cap on credit union's business lending.
Barney Frank (D-Mass), chairman of the House Financial Services Committee, told attendees at CUNA's Governmental Affairs Conference that they should celebrate the fact that the pending financial services reform legislation does not include them at all.
"The president has talked on a number of occasions about ensuring that the money that tax payers put up to rescue our financial system is paid back in full."
Congress has placed financial service providers on the defensive during the past four years. But with an election scheduled for this year, the political pressures will be even greater.