FROM EIR DAILY ALERT

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Credit Unions’ Mobilization for Glass-Steagall Picks Up

Sept. 12, 2018 (EIRNS)—About a week after issuing a white paper, “Modernizing Financial Services: The Glass-Steagall Act Revisited,” and committing to the reenactment of Glass-Steagall, the National Association of Federally Insured Credit Unions (NAFCU) has another piece out promoting Glass-Steagall, in the Washington, D.C. newspaper, The Hill. In the intervening days there have also been articles on the credit unions’ ”mobilization” for Glass-Steagall in the Credit Union Times, the Credit Union Journal and Credit Union Insight portal, if not others.

In The Hill op-ed by Carrie Hunt, the focus is on the 21st-Century Glass-Steagall Act Bill in the Senate; the piece is headlined, “Updated Glass-Steagall Would Make Banks Put People Before Profits.” Author Carrie Hunt is executive vice-president and general counsel of the NAFCU.

Unfortunately, Hurricane Florence has forced the NAFCU to cancel its “Washington, D.C. Caucus” scheduled for Sept. 13, which would have brought together some Members of Congress with credit union officials from around the country. The Senate Banking Committee has also put off its Sept. 13 hearing which was to include testimony from National Credit Union Administration Board Chairman Mark McWatters, rescheduling the hearing for Oct. 3.

As a result, credit union officers and members are now likely to be mobilized in their home areas.