Bush informed on Credit Union recovery efforts

Bush informed on Credit Union recovery efforts

Special Report

With Congress and Treasury calling for the financial industry to cooperate against money laundering, CUNA says credit unions will do their part.

“We strongly support the Treasury Department’s timely release last week of America’s 2001 Money Laundering Strategy,” CUNA’s Dan Mica wrote in a letter to President Bush. “We will continue a constant vigil to guard against any potential money launderers who may seek refuge in our institutions. You can count on us to support your goal to ‘starve terrorists of funding.'”

House Financial Services Chairman Michael Oxley (R-Ohio) also promises to make money laundering a “front-and-center issue.” Ranking Member John LaFalce (D-N.Y.) agrees that if authorities “follow the money,” they will find the terrorists.

Mica cited several examples for President Bush of credit unions helping America recover from the attacks:

* Credit unions are providing special benefits for front-line recovery workers: firefighters, police, military personnel, agency operatives, emergency workers and medical teams. Benefits include longer grace periods, shared ATMs, fee waivers and more.

* The New York State Credit Union League set up a command center near Ground Zero to channel information and free up phone lines for credit unions.

* Corporate credit unions made special arrangements to keep payment systems operating smoothly and make additional liquidity available for increased cash needs.

* CUNA supported legislation to ensure stability of U.S. airlines, while credit unions serving airline employees provide emergency loans, payment waivers, and free financial counseling.

“Credit unions have proven that they are more than just financial institutions,” Mica concluded. “Credit unions provide a sense of belonging, a sense of community.”

– Dan Mica, President & CEO Credit Union

National Association (Letter to President Bush)

Copyright Credit Union National Association, Inc. Oct 1, 2001

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