PRESS RELEASE

May 13, 2009

NASCUS to Testify at House Subcommittee May 20 Hearing on Legislation to Address the Corporate Credit Union System

ARLINGTON, Va. — NASCUS will testify before the House Subcommittee on Financial Institutions and Consumer Credit on May 20 to discuss recent events in the corporate credit union network and legislation to address the impact of corporate losses on natural person credit unions.

NASCUS Chairman George Reynolds, senior deputy commissioner of the Georgia Department of Banking and Finance, will represent NASCUS at the hearing. Reynolds will share NASCUS' perspective on issues in the corporate credit union system and how the safety and soundness can be maintained and protected going forward.

The Senate passed S. 896 last week, a bill that includes several provisions to address issues in the corporate credit union system. Among other provisions, the bill provides the National Credit Union Administration (NCUA) with the authority to establish a fund to absorb losses from the corporate credit union system, thereby allowing credit unions more time to recapitalize the National Credit Union Share Insurance Fund (NCUSIF).

NASCUS' full hearing testimony will be available on the NASCUS Web site at www.nascus.org following the hearing.


Information Contact:
Kate Hartig, VP, Public Relations and Legislative Affairs, (703) 528-0669 or kate@nascus.org
The NASCUS mission is to enhance state credit union supervision and advocate a safe and sound state credit union system.