News

WASHINGTON - CUNA President Dan Mica today made another pitch for lifting the cap on member business loans, but Sen. Christopher Dodd said he wants to proceed with caution because of concerns about regulatory oversight.

NCUA Executive Director David Marquis dropped a bombshell on members of Western Corporate Federal Credit Union yesterday afternoon: their paid-in capital and member capital is gone.

Frank Pollack, the president/CEO of the $13 billon Pentagon Federal Credit Union, urged the NCUA Tuesday to work toward lengthening the payment schedule over eight years to re-fund the NCUSIF.

The $7 billion The Golden 1 Credit Union yesterday purchased a $500 million private placement, short-term revenue anticipation note from the State of California, which the state issued to make up for budget shortfalls.

CUNA President Dan Mica told a Senate panel today that the credit union movement "would prefer some help'' from the government help in the form of loans to help spread out the cost of losses to the NCUSIF.

Private investors and the government would work together to buy bad assets to help financial institutions get back on their feet, under a plan unveiled today by Treasury Secretary Timothy Geithner.