Arizona credit unions remain "on the front lines" in the nation's economic slump but they have been active participants in CUNA's grassroots campaign to draw NCUA and Congressional attention to protecting CU survival, a leading CUNA executive said Friday.
Addressing the annual meeting of the Arizona Credit Union League in a recap of the corporate crisis, Susan Newton, CUNA's senior vice president and executive director of the American Association of Credit Union Executives, credited the unprecedented "20,000 emails" sent in late April by CUs, state leagues and other trades supporting the corporate stabilization package with turning the tide.
That package bill allowing CUs' phased payment to NCUA was signed last month by President Obama.
Recommended For You
The "action alert" e-mail and phone outreach to lawmakers and NCUA was crucial in getting the bill passed and gaining agency transparency on the corporate conservatorship, said Newton. She spoke to some 200 Arizona executives assembled in a hotel ballroom at the Fort McDowell Indian Casino.
Enactment of the corporate bill "was a victory" for CUs coming at a pivotal moment as the industry seem to be managing the crisis satisfactorily and now sees "great opportunities as the white hats" among financial institutions, she told the Arizona group. In addressing the league meeting, Newton was a last-minute replacement for NCUA Board Member Gigi Hyland who canceled her appearance after taking ill in Chicago earlier this week.
© 2025 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.
