CUNA Board approves RenComm after delay from terrorist attacks

WASHINGTON-Just over a year ago, CUNA embarked on what was hailed as an ambitious goal to collect information from credit unions all across the nation of all sizes and others in the financial services field. These ideas were gathered, mulled over, and presented to CUNA’s Board by the Renaissance Commission, which included representatives from all shapes and sizes of credit unions. Upon aggregating all the information gathered through formal hearings, state Renaissance hearings, letters, e-mails, faxes, and phone calls, the commissioners, headed by Pentagon Federal Credit Union CEO Frank Pollack, presented four vision statements as well as about 90 recommendations for regulatory and legislative changes. Ultimately, CUNA’s Governmental Affairs Committee, chaired by now CUNA Chairman Barry Jolette, whittled the report down to just four amended vision statements. The committee’s version of the report nixed the most controversial issues such as self-defined fields of membership, private insurance for federal credit unions, splitting the NCUA and NCUSIF, and eliminating the member business lending cap in H.R. 1151. CUNA’s Board was initially scheduled to review the Renaissance Commission report at its meeting September 24, during CUNA’s annual GAC. The conference had to be cancelled due to the September 11 terrorist attacks. The board meeting was eventually held at Credit Union House and by audio-conferencing October 30.