Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-Credit unions’ recovery efforts in the wake of Hurricane Katrina represent the “spirit of America.” Treasury Secretary John Snow was late for his appearance at NAFCU’s Congressional Caucus due to a meeting at the White House. “We were working on the issue that’s on everybody’s mind and that’s the recovery from Katrina,” he explained. He commented on the economic consequences of the destruction, which he said must be repaired in a “fiscally prudent way” and added that the current estimates floating around the public and media for rebuilding seem very high. “The short term economic consequences in the region are devastating,” Snow said, but the national impact will be temporary. The rebuilding of the storm ravaged areas, however, will help lead the economic recovery, he pointed out. Snow continued, “Credit unions have an awful important role to play in that” and their response has been “really terrific.” NAFCU President and CEO Fred Becker asked the Treasury Secretary to comment on a housing bubble. “There is some easing off going on.” he responded. “I think the bubble is a gross misnomer.” Snow added that there is not just one housing market in the country but several local ones. “The idea that we’re going to see a collapse of the housing market seems to me improbable at best,” he said. [email protected]

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?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.