WASHINGTON – CUNA today urged lawmakers to make Troubled Asset Relief Program funds available to credit unions and a change in the rules to allow credit unions more access to outside capital.

"We have been very concerned that the implementation of the TARP program has excluded the participation of credit unions," CUNA President/CEO Dan Mica wrote to the leaders of the House Financial Services and Senate Finance committees. "Credit unions are included among the institutions defined in Section 3 of the Act as financial institutions. However, the implementation of the TARP by Treasury has not even attempted to include credit unions. More specifically, TARP has not been focused on the purchase of troubled assets; rather, Treasury decided to inject capital into financial institutions."

Mica urged lawmakers to change the definition of "net worth" for credit unions. Currently, it is defined as retained earnings balance of the credit union, as determined under generally accepted accounting principles. CUNA wants the definition changed so it also includes any deposit, loan, investment, purchase of assets, account or guarantee by the federal government.