WASHINGTON – In recent meetings with top White House and Treasury officials, CUNA Mutual Senior Vice President for Corporate and Legislative Affairs Larry Blanchard thanked them again for sticking to their guns regarding credit unions' tax-exempt status. Blanchard, along with the American Insurance Association, met with Presidential Advisor Karl Rove, Dr. Gregory Mankiw, chairman of the Council of Economic Advisors, Treasury Secretary John Snow, and Assistant Treasury Secretary for Financial Institutions Wayne Abernathy to discuss the risk insurance legislation. The group also raised the issue of the Government Sponsored Enterprise legislative reforms, and specifically the capital environment and the role of private mortgage insurance. Blanchard and Glen Corso of PMI, a private mortgage insurance provider in Walnut Creek, Calif., wanted to emphasize the importance of private mortgage insurance in helping first time homebuyers realize their dream of owning a home but also that it is the first line of defense before Fannie Mae and Freddie Mac are hit. In his discussions with Abernathy in particular, Blanchard told him how much credit unions appreciate Treasury and the administration's support of their tax exemption. He thanked Secretary Snow for his comments at CUNA's Governmental Affairs Conference in February. Blanchard said that Abernathy told him the banking community's reaction was not unanticipated. “We expected that coming in. This is the administration policy and we're going to stand by it,” Blanchard quoted Abernathy. -

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