INDIANAPOLIS — Speaking before Indiana credit union executives, Gov. Mitchell Daniels reinforced the industry's newly calibrated campaign to emphasize deposit insurance and regulatory protection in connection with the Treasury's $700 billion bailout legislation.

In remarks before the annual convention of the Indiana Credit Union League, Daniels said he remains a strong CU supporter lauding the industry for serving a positive “counterbalancing” role in the U.S. economy to those for-profit institutions which expanded recklessly to bring on the crisis.

Daniels, a Republican and a member of Eli Lilly CU of Indianapolis and another in Washington D.C., said he recognized the need that CUs seek in having the flexibility to make business loans and that he backs industry initiatives.

Separately, the Indiana League released a letter it sent Friday to its Congressional delegation on the bailout legislation reminding lawmakers that CUs are a “bright spot in today's financial marketplace” and as nonprofits do not function with “personal enrichment” as a priority.

“We believe the current environment demonstrates that an expanded credit union presence is good for the financial system, good for consumers, and good for business owners needing access to credit,” concluded the letter signed by John McKenzie, president/CEO and Chris Beaumont, vice president of legislative affairs.