DENVER – CUNA continues to hold out hope for passage of the Credit Union, Bank and Thrift Regulatory Relief Act (CUBTRRA) in the current Congress.
During the Democratic National Convention here, CUNA CEO Dan Mica spoke privately with House Majority Leader Rep. Steny Hoyer (D-Md.) about CUBTRRA. ”We’re hopeful, of course, that it passes in the remaining days of this Congress,” said John Magill, SVP of Legislative Affairs, noting that Congress will convene for less than a month in September before breaking until the lame duck session in the winter. “We’ve got our fingers crossed; the stars will have to be aligned.”
In other news from the convention:
* CUNA reported that more than 2,000 delegates at the Democratic National Convention stopped by its VIP reception Wednesday night. Political director Trey Hawkins said the gala was put together as a part of a continued effort to put credit unions in a positive light during the four-day convention. “We were excited that there appeared to be a lot of interest in our event,” he added. The reception did not have any speakers or overarching theme – it simply was a goodwill event that gave delegates an opportunity to eat, drink and have conversations with credit union industry representatives, CUNA said.
* Mica appeared on Fox Business News yesterday in an appearance live from Invesco Field, where Democratic Presidential Nominee Barack Obama gave his acceptance speech last night. Mica was asked for his views on what a President Obama would mean to financial institutions. “I think the first thing he needs to do tonight, and Mr. McCain next week, is to do no harm,” said Mica, noting the market is “jittery” and needs certain reassurances. When asked about the housing bill just signed by President Bush, Mica responded, “There is an awful lot in that bill that will help. But I don’t think it’s over yet and the next administration will have to deal with this for the next three or four years. These candidates need to address Middle America, and not Wall Street.”
