Bankruptcy Reform Now TheLaw

WASHINGTON - (04/21/05) -- With a quick flourish of the pen,President Bush signed the bankruptcy reform bill Thursday, makingthe credit union-supported legislation law. "This bill is going togo a long way to improving the bankruptcy system; helping those whoneed help the most, while allowing those who pay their debts to doso," said the President, while lobbyists from CUNA, NAFCU, theAmerican Bankers Association and other members of the consumerbankruptcy coalition looked on. "This is the end of the legislativeprocess and the start of the education process," CUNA President DanMica, told The Credit Union Journal after the bill-signingceremony. "Now it's important that we live by the philosophy wepreach; responsibility in extending credit and of educating theconsumer." NAFCU lobbyist Murray Chanow, who also attended thebill-signing, said the event signaled the end of a longjourney--more than eight years to get the bill through Congress."NAFCU set our over eight years ago to try to form a goodbankruptcy bill," said Chanow. "In the end, the provisions wewanted in the bill survived to form what we think is a very goodbill for credit unions." Also attending the bill-signing were NAFCUPresident Fred Becker, and CUNA lobbyists John McKechnie and GaryKohn.