<p>WASHINGTON-CUNA Vice President and Senior Legislative Counsel Gary Kohn summarized a recent letter from CUNA President and CEO Dan Mica to members of the bankruptcy conference as “urging them to complete their negotiations and get on with it.” The financial services industry has been waiting close to five years for a bankruptcy reform bill to pass. Last year’s efforts were thwarted by the September 11 attacks, while in 2000, then-President Bill Clinton pocket vetoed the legislation. But, with bankruptcy filings increasing, CUNA argues that reform is even more important now. “The need for bankruptcy abuse reform is greater than ever. The number of bankruptcy filings in the United States continues to increase and our economists are predicting a record year for 2001 as they await the final official numbers,” Mica wrote. Credit unions charge-offs due to bankruptcy cost approximately $700 million last year. CUNA expects a full 25% increase in bankruptcies from 2000 to 2001.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.