Rose Bartolomucci of Towpath Credit Union in Ohio testifies Wednesday to House Financial Services Committee.
Despite what almost everyone agrees is the deep importance of the topic, credit unions have become largely ambivalent about reforming the secondary mortgage market and uncertain about potentially disrupting a system which seems to be working well, according to executives with credit union organizations familiar with the issue.
Bill would eliminate an ATM placard disclosure requirement that has spurred frivolous lawsuits against credit unions.
The issue of lawyers filing a growing number of lawsuits over ATMs missing disclosure signs has moved from being a mere nuisance to credit unions to meetings with federal lawmakers and President Obama’s administration seeking relief.
Credit unions, banks, independent ATM deployers and convenience store operators seek relief from congressional committees.
Credit union lobbyists will face a packed legislative schedule when Congress comes back into session next week, CUNA says.
The credit union industry is known for its kinship. Few dare to go on record and point fingers at their credit union peers for poor loan performance.
The Senate has passed a measure which would require the Government Accountability Office to study NCUA management of the corporate credit unions and their financial crisis.
The U.S. Treasury Department's Community Development Capital Initiative drew a charge of political tampering last week from an economist who has often been critical of programs related to the Troubled Asset Relief Program.
A professor of finance who has specialized in studying the Troubled Asset Relief Program has alleged political influence played a role in deciding which credit unions received funds under a U.S. Treasury Department program.