WASHINGTON – More than two dozen credit union executives signed a petition yesterday asking Congress to withhold action on corporate credit union bailout legislation until hearings are held.
The group questions the need for NCUA to have authority to borrow as much as $30 billion for an emergency, as the bailout legislation would allow, saying NCUA already has enough resources through the Central Liquidity Facility to fund a corporate rescue. They want Congress to hold hearings on NCUA’s takeover of U.S. Central FCU and WesCorp FCU and the federal regulator’s conduct in bailing out the corporate system
The petition was organized by Callahan & Associates, the consultant for several corporate credit unions and the Association of Corporate CUs and had almost 400 signatures collected yesterday, including two dozen of which were anonymous and another dozen of Callahan employees.
But also signing on to the petition, the self-styled Creditunionsirisng.com, were senior executives of several major credit unions, including Ronald Westad, Arizona FCU; David Doss, Arizona State CU; Charles Bruen, First Entertainment FCU; Rick Heldenbrant, Star One CU; Barry Kane, Patelco CU; Tom Shipe, Sun Country CU; Bill Roberts, Northland CU and Cathy Dahlbeck, Credit Union Plus.
