INDIANAPOLIS — Indiana credit unions got a renewed pat on the back from the state's Republican governor for the industry's campaign to emphasize deposit insurance and regulatory protection.
In remarks before the annual convention of the Indiana Credit Union League, Gov. Mitchell 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 that expanded recklessly to bring on the current crisis.
Daniels, a member of Eli Lilly FCU of Indianapolis and the former head of the Office of Management and Budget under President Bush, said he recognized credit unions' need for flexibility to make business loans and that he backs industry initiatives.
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Separately, the Indiana league released a letter it sent to its congressional delegation on the financial bailout, 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."
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