WASHINGTON – CUNA and the leagues, faced with the imminent defeat of the member business loan bill again, called on Senators today to kill the bank-favored Transaction Account Guarantee bill which would extend the federal guarantee on all non-interest bearing accounts for banks and credit unions.
That means if they don't get their bill, then the bankers shouldn't get their bill either.
CUNA is telling all Senators the bank-backed bill is “risky and unnecessary” and does not inspire additional business lending by banks.
The credit unions’ new anti-bank offensive comes as the banking lobby appears to have once again defeated efforts by credit unions to get an increase in the 12.25% of assets limit on member business lending.
In an unprecedented effort, CUNA issued a a call to action this afternoon urging executives and volunteers at 7,000 credit unions and 50 state credit union associations across the country to contact their Senators and oppose the bankers' bill, something never undertaken before by the credit union lobby.
“There is no need for this legislation; senators should vote ‘no’ if it comes to a vote,” said CUNA President Bill Cheney.