Credit Unions Recognized for Lobbying Efforts Against TAG Bill
December 18, 2012
December 18, 2012
“The Hill,” a widely read newspaper in political circles in the nation’s capital, named credit unions’ successful campaign to defeat the banks’ transaction account guarantee (TAG) extension bill as one of the top 10 lobbying victories of 2012.
The TAG bill would extend unlimited deposit insurance coverage granted during the financial crisis for noninterest bearing transaction accounts—coverage that is currently set to revert back to $250,000 at year’s end without congressional action. It has been seen for months as a potential companion for S. 2231, the credit union member business lending (MBL) bill.
The Credit Union National Association (CUNA) and the National Association of Federal Credit Unions (NAFCU) were lauded as the leaders of the lobbying effort, which ranked sixth on the publication’s top-10 list.
“Credit unions lobbied hard against a standalone TAG extension,” the article stated, “and demanded that it be paired with expanded lending capacity for credit unions. The failure to move a TAG bill through the Senate likely ends it chances this year, but credit union lobbyists are keeping their eyes peeled.”
“My thanks to our governmental affairs team for their relentless efforts to defeat the TAG bill as part of our MBL strategy, and thanks also to all of you at the leagues who assisted by contacting your members of Congress, mobilizing your credit unions, and flying into DC for our National Hike the Hill,” said CUNA President and CEO Bill Cheney. “Our work to defeat the TAG bill clearly commanded attention in Washington and, as you know, it puts far more pressure on the banks to accept our MBL bill as part of a legislative package. We continue to explore every opportunity through this lame-duck session of Congress to move our MBL bill across the finish line, and to ensure that TAG remains latent or is paired with MBLs.”
Google, Public Knowledge and Yahoo! earned top billing for their work opposing the Stop Online Piracy Act (SOPA) and the Protect Intellectual Property Act (PIPA).
The entire article can be found on the Hill’s website.
Questions? Contact a member of the Association’s Legislative Affairs team: