INDIANAPOLIS — Speaking before Indiana credit union executives,Gov. Mitchell Daniels reinforced the industry's newly calibratedcampaign to emphasize deposit insurance and regulatory protectionin connection with the Treasury's $700 billion bailoutlegislation.

|

In remarks before the annual convention of the Indiana CreditUnion League, Daniels said he remains a strong CU supporter laudingthe industry for serving a positive “counterbalancing” role in theU.S. economy to those for-profit institutions which expandedrecklessly to bring on the crisis.

|

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

|

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

|

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

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • 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.
NOT FOR REPRINT

© 2024 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.