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WASHINGTON-The board of directors of the Consumer Federation of America voted in favor of putting forth a policy resolution stating that all credit unions should have the National Credit Union Share Insurance Fund as their primary insurer. CFA’s previous policy resolution states that all banks and savings and loans should be required to obtain federal deposit insurance. Navy Federal Credit Union President and CEO Brian McDonnell, a CFA board member, brought forth the proposal to include credit unions in the resolution, which CFA Executive Director Stephen Brobeck said the board approved in a close vote. McDonnell was very pleased with the outcome of his efforts. “I think it’s a very pro-consumer type thing to treat the area of deposit insurance for credit unions the same as banks and thrifts,” he said. The CEO of the world’s largest credit unions said that there were actually four votes on the measure. First, he said there was a tie in the subcommittee, which sent it to a group of the heads of the subcommittees. There, McDonnell and CUNA presented their opposing viewpoints, with an ultimate vote of roughly 17-1. Then a vote took place of attendees at CFA’s annual conference, resulting in a vote of about 36-17, McDonnell recalled. Finally, members were permitted to vote by proxy, which he was not aware of. With CUNA’s system of state leagues, he felt sure his proposal would fail, but the last vote came out 182-165 in favor of the policy resolution, McDonnell said. NAFCU President and CEO Fred Becker, also a CFA board member, commented, “NAFCU agrees with the Consumer Federation of America in favoring federal deposit share insurance for all financial institutions. NAFCU believes CFA’s attention to this matter underscores the important connection between the American consumer and deposit insurance.” However, CUNA, which also holds a seat on the CFA Board, voted against the proposal. According to CUNA Vice President of Communications and Media Outreach Pat Keefe CUNA supports federal credit unions carrying federal insurance and state charters having whatever options their states allow. “Our whole view of this thing is for credit union choice.In states where there is a choice we think that’s great and we think that ought to continue,” Keefe said. CFA has two other credit union-related groups on its board: CUNA Mutual and Vantage Credit Union in Missouri. Representatives of both organizations spoke out against the proposal. [email protected]

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