Less than 24 hours after a humiliating defeat on credit union legislation in the House, banking industry leaders refused to back off long-standing demands during a Senate Banking Committee hearing.

"We believe a line must be drawn which places effective limits on the taxpayer subsidy, and imposes meaningful common bond requirements, safety and soundness regulation, and community investment responsibilities" on credit unions, said R. Scott Jones, chairman and chief executive officer of Goodhue County National Bank, Red Wing, Minn. "Practically speaking, H.R. 1151 does none of these things."

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