Senate Banking Hearing on Credit Unions Posted by AVCU on 10:03 AM

In a historical first yesterday, the United States Senate Banking Committee held a hearing exclusively on the "State of the Credit Union Industry." Incoming Chairman Tim Johnson (D-SD) presided. Also in attendance from the Committee were ranking member Richard Shelby (R-AL), Senators Jack Reed (D-RI), Mike Johans (R-NE) and Kay Bailey Hutchinson (R-TX). The lone witness to testify was NCUA Board Chair Debbi Matz, who reported that:

• as a whole, credit unions are strong and well-capitalized;
• legislation to raise the member business lending cap and to provide alternative capital to credit unions should be advanced; and
• responded to a number of questions regarding the Corporate Credit Union Stabilization Fund.

See the embedded video of the hearing below for more details. Click on it to stop and/or start.