Montana 1st CU Blog

The news gets better for CUs everyday lately.  Yesterday, Representative Paul Kanjorski of Pennsylvania introduced legislation to “re-capitalize” credit unions nationwide by increasing  the amount NCUA can borrow from the Treasury from 100 million dollars to 6 billion dollars.  The legislation would also allow NCUA to borrow up to 30 billion dollars in case of an “emergency”.

Next, Senator Tom Harkin of Iowa said that banks could “take a lesson” from credit unions.  “In remarks delivered on the Senate floor, Harkin said that larger credit card issuers and banks should be able to operate under potential federal interest rate restrictions, as credit unions have been able to thrive under similar rules without negatively impacting access to credit for credit union members.” GEE…do ya think?  It’s really nice to see that our representatives in government are finally starting to see what we all have known for oh so long!