LAS VEGAS — If Colorado Senator Mark Udall's amendment to raise the regulatory credit union business lending cap to 27.5% is successful, it will create 108,000 new jobs in the first year. CUNA President/CEO Bill Cheney offered this statistic to the One Credit Union Conference general session audience this morning, his first such address as the trade's leader.
Cheney addressed talk that Udall won't be permitted to offer the amendment to the Senate, saying he personally spoke to Senate Majority Leader Harry Reid (D-Nev.), and was told if credit unions can show bi-partisan, nationwide support, "it will be heard."
Access to alternative capital, another top CUNA legislative priority, will not only help credit unions grow, it will assist regulators when they face financial crises in the future, Cheney said. He reported both Barney Frank (D-Mass.), chair of the House Financial Services Committee and Christopher Dodd (D-Conn.), chairman of the Senate Banking Committee, told him Congress will undertake capital reform after the current financial reform legislation is finalized.
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Former CUNA President/CEO Dan Mica was honored during the session: For his efforts to build Credit Union House on Capitol Hill, a $222,650 check was donated to the project in his name by
U.S. Federal Credit Union President/CEO Bill Raker on behalf of the CU Roundtable. Mica also marked his public departure by presenting Cheney with a symbolic key to CUNA.
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