WASHINGTON — As the Senate was poised to vote on a corporate stabilization bill, a group of credit union executives organized by credit union consultants Callahan & Associates began a petition drive asking Congress to withhold action on the corporate bailout until they hold hearings.
Callahan's, which was the consultant for several corporates, had collected almost 500 signatures prior to last week's Senate vote.
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 and WesCorp and the federal regulator's conduct in bailing out the corporate system, the cost of which has sent the vast majority of CUs in the country into the red.
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.
