WASHINGTON-Letters from CUNA and NAFCU to House Financial Services Committee leaders showed the two credit union lobby groups were on the same page on the issue of qualified financial contracts. CUNA and NAFCU both expressed their support for adding the so-called netting provisions in S. 2141, which would amend the Federal Deposit Insurance Act, the Federal Credit Union Act, and the bankruptcy code to simplify the solution of contracts when one party become insolvent. “The netting provisions provide for the orderly unwinding of certain financial contracts when one party to the transaction becomes insolvent,” CUNA President and CEO Dan Mica wrote. “The credit union movement would be placed at a significant disadvantage if netting provisions are fully extended to banks and securities firms, and not to credit unions.”

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?


© 2023 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 © 2023 ALM Global, LLC. All Rights Reserved.