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McCormack Responds to Banker Attacks

HARRISBURG, Pa. - Pennsylvania Credit Union Association President/CEO Jim McCormack responded to recent attacks against by the Pennsylvania Association of Community Bankers and the Pennsylvania Bankers Association against the Credit Union Regulatory Improvements Act (CURIA) by writing to the state's 19 congressional delegates urging them to support CURIA (H.R. 3579)....

By Staff Writer | Updated on August 10, 2004

HARRISBURG, Pa. – Pennsylvania Credit Union Association President/CEO Jim McCormack responded to recent attacks against by the Pennsylvania Association of Community Bankers and the Pennsylvania Bankers Association against the Credit Union Regulatory Improvements Act (CURIA) by writing to the state’s 19 congressional delegates urging them to support CURIA (H.R. 3579). “Credit unions are the most highly regulated members of the financial services community.,” McCormack wrote. “From time to time it becomes necessary to review this regulatory framework in order to ensure that credit unions are modernized to the point where they can effectively serve their members and remain relevant in the financial marketplace.While we remain strongly supportive of H.R. 1375 which contains some regulatory relief provisions for credit unions, we urge you to consider enacting H.R. 3579, which will assist credit unions across America in serving consumers and some small businesses.” McCormack also used his letter to take the bankers to task for their “vigorous” lobbying efforts to defeat the measure, and he recommended that bankers should “stop investing their apparently unlimited resources into further attempts to monopolize the financial services marketplace.” There are currently 63 co-sponsors of H.R. 3579, and only two – original co-sponsor Rep. Paul Kanjorski and Rep. Tim Holden (D) – are from Pennsylvania. There are 19 congressional delegates from Pennsylvania including seven Democrats and 12 Republicans.

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