Each day brings us one step closer to the end of this Congress and it appears that CUNA's decision to oppose onerous and unbalanced business lending provisions contained in financial regulatory relief legislation has paid off big. The decision to stand up and fight the proposed legislation could not have been an easy choice for credit unions' biggest trade association, but they made the right move and now deserve our congratulations and appreciation. A few months back it seemed that compromise financial regulatory relief legislation was headed for a fast track enactment–and it included provisions that would have expanded business lending powers for one segment of our industry while denying similar authority for credit unions. We were faced with yet another serious threat to the value of the credit union charter. In the past, CUNA would have stood on the sidelines and told us to be thankful for what we had–even though it was far less than what we needed as an industry to remain competitive. Instead, thanks to CUNA's willingness to take a stand we have shown our competitors and elected officials that credit unions will fight when our interests are threatened.

Congress may yet enact "balanced" financial regulatory relief legislation before they go home to campaign for mid-year elections. Regardless, our competitors will not be handed a gift of expanded powers that will forever place credit unions at a disadvantage. CUNA deserves a note of thanks. Scott Svonkin Board Member California Credit Union Glendale, California