CUs Testify On Reform Plan

Register now

Seeking to ensure credit unions are included in any Social Security reform, David O. Brock, president/CEO, of Community Educators CU in Rockledge, Fla., testified before the House subcommittee on Social Security reform last week. Borck testified on behalf of CUNA.

The hearing by the subcommittee was the third in a series on Social Security reform, and focused on a proposed option to give workers authority to invest part of their Social Security money into a federally insured certificate of deposit (CD) offered by financial institutions.

Brock told the subcommittee that credit unions should be included in a legislative proposal (by Rep. Tom Feeney (R-FL) and Rep. Pete Sessions, (R-TX) to permit financial institutions to offer personal retirement accounts. Brock also told the subcommittee that CUNA is not taking a position on whether personal accounts should be a part of any Social Security reform.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER