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Lawmakers Laud Credit Unions

WASHINGTON, September 17, 2008 - Using references to food, the Wild West and romance, Democratic and Republican House members today praised the work of credit unions during the current financial crisis.

“You deserve to reap rewards for your solid behavior during the Wild West period of the economy,’’ Rep. Maxine Waters (R-Calif.) told attendees at NAFCU’s Congressional Caucus. “You offered safe, vanilla fixed-rate mortgages while others offered deals that appeared too good to be true and were.”

Waters, a senior member of the Financial Services Committee, praised the efforts of credit unions to offer an alternative to payday lending and to expand access to credit for low-income and minority citizens. She said the regulatory relief measures currently pending in Congress will further achieve these goals.

Rep. Ed Royce (R-Calif.) a main sponsor of many regulatory relief measures, told the attendees that their efforts would eventually pay off and the Credit Union Regulatory Improvements Act (H.R. 1537) will pass.

“People like their banks, but they love their credit unions. And members of Congress sense that,’’ he said.