Political Quotes

“Mr. President today more than ever, credit unions are a critical component of our nation's financial landscape. At a time when most financial institutions are retreating from the credit markets, credit unions are among the few lenders in the financial industry demonstrating resiliency and strength. For example, while many mortgage lenders are struggling to stay afloat, the delinquency rate on mortgages issued by credit unions is less than one percent, and credit unions are still lending. Nonetheless, certain outdated regulatory rules impede the ability of credit unions to effectively carry out their role as savings and lending institutions for local communities and small businesses. Because I believe that credit unions are a stabilizing force in the domestic economy and play an important role in providing financial services to local community and underserved groups, I am introducing the Credit Union Regulatory Improvements Act of 2008, CURIA. The health of credit unions in today's turbulent economy is attributable to a business model that differs significantly from that of other financial institutions. Similar to banks and thrifts, credit unions act as intermediaries in the market for consumer finance. Credit unions, however, are governed by certain rules that take into account their position as cooperative lenders. Notably, credit unions operate as tax-exempt, nonprofit institutions.”