Thursday, December 09, 2010 11:28:33 AM
WASHINGTON - NCUA Chairman Debbie Matz is the sole witness at a credit union-specific Senate Banking Committee hearing taking place this morning.
The hearing, which is entitled "The State of the Credit Union Industry," will likely address the general health of natural-person credit unions, as well as the state of corporate credit unions and NCUA's actions to restore liquidity. Matz in her testimony is expected to provide legislators with an overview of the financial condition of the industry and NCUA's regulatory and supervisory efforts to keep credit unions safe, sound and continuing to serve consumers.
The hearing is being broadcast live online and can be viewed by clicking here then clicking "Watch this hearing live!"
Credit union representatives were not invited to testify, but CUNA has submitted a statement for the record. The CUNA statement is available on the Governmental and Political Affairs page of the NJCUL Web site here.
In the statement submitted for the record, CUNA President/CEO Bill Cheney notes that while the credit union system still "faces significant challenges as a result of the worldwide financial crisis," credit unions "have continued to lend when other creditors abandoned consumers and small businesses."
"Considering the considerable stresses that the financial sector has experienced over the last several years and the activities that caused and perpetuated the crisis, credit unions serving consumers should be viewed as a shining example of what generally went right when so much else went wrong," Cheney adds.
Credit unions are "eager to do more to serve their members, support their communities, and help the economy recover," but, for the most part, cannot act without further aid from Congress and regulators, Cheney's statement continues.
The CUNA statement urges legislators to continue supporting credit unions' tax exempt status. Credit unions "provide significant financial benefits" by saving their 92 million members nearly $7.5 billion per year and those members would pay the price if credit unions lost their tax exemption, according to CUNA's statement.