CUNA Touts CDs at Credit Unions as Private Social Security Account Option

WASHINGTON – Rep. Tom Feeney (R-Fla.) is urging top lawmakers to let Federal Deposit Insurance Corp.-insured banks' and thrifts' investment products, such as certificates of deposit (CDs), to be part of Social Security private account offerings. CUNA said it will be discussing with Feeney and other members of Congress the possibility of having credit unions as an option for these CDs. Feeney, a member of the House Financial Services Committee, wrote in a draft letter to House Ways and Means Committee Chairman Bill Thomas (R-Calif.) that the ability to invest some Social Security dollars in CDs in addition to stocks and bonds is important because it would protect retirement savings against bumps in the economy. He is seeking signatures from other lawmakers before delivering it.