News

WASHINGTON-Credit unions' recovery efforts in the wake of Hurricane Katrina represent the "spirit of America." Treasury Secretary John Snow was late for his appearance at NAFCU's Congressional Caucus due to a meeting at the White House. "We were working on the issue that's on everybody's mind and that's the recovery...

WASHINGTON-The more the merrier was the message Congressman Paul Kanjorski (D-Pa.) had for NAFCU's Congressional Caucus when it comes to CURIA cosponsors. "In recent months, we've had some strong movement on CURIA...I always think of credit unions as something that transcends parties and philosophies," he said. "We have 96 co-sponsors....

WASHINGTON-House Financial Services Committee Chairman Mike Oxley (R-Ohio) told reporters at NAFCU's Congressional Caucus that, particularly in light of Hurricane Katrina, he would like regulatory relief to pass as a permanent measure. "Regulatory relief is an issue that has fascinated me from the time I took over as chairman," Oxley...

WASHINGTON-Following Congressman Patrick McHenry (R-N.C.), outgoing NCUA Board Member Debbie Matz told NAFCU's Congressional Caucus that she squarely disagreed with his view of the mutual savings bank conversion issue. She called him "courageous" for being willing to face such a crowd and fully agreed with the congressman that disclosures should...

WASHINGTON-Reviewing laws and regulations for burden and usefulness is the duty of Congress, according to Representative Jeb Hensarling (R-Texas). In that respect, the relative newcomer to politics told NAFCU's Congressional Caucus last week, "We are very fortunate to have the leadership of Chairman Mike Oxley and Chairman Bachus." "If left...

WASHINGTON-Two more lawmakers have been added as backers of the Credit Union Regulatory Improvements Act (H.R. 2317) as of press time. Congressman William "Lacy" Clay (D-Mo.) officially signed on, as did Congressman Norm Dicks (D-WA). There are currently 96 co-sponsors to CURIA, in addition to Congressman Ed Royce (R-Calif.). In...

MANCHESTER, U.K. - The regulation limiting British credit union member savings accounts to 5000 (US$9,120) may be raised to 10,000 (US$18,238) or to 1.5% of the total credit union shares. The Financial Services Authority (FSA) which regulates British credit unions has just finished a consultation period and will make a...

WASHINGTON - NAFCU unveiled its new policy on credit union-to-bank charter conversions with three policy suggestions which, it said, would introduce transparency and accountability into the process. Speaking at a press conference held in accordance with NAFCU's Congressional Caucus in Washington on September 19, NAFCU President Fred Becker laid out...