GAC Coverage: Stabilization Plan, Financial Crisis Take Center Stage in DC

The CUNA Governmental Affairs Conference is underway in Washington, DC! Nearly 80 people from NC have made the trek to participate in CUNA’s flagship political event.

The big topic of discussion is of course the NCUA Corporate Stabilization Plan. CUNA held a special session early this morning to update the attendees about the plan and the work that CUNA’s special committee has been doing to help soften the economic blow for credit unions.

The plan has of course generated a lot of concern and questions among credit unions. But it’s clear that NC folks are resolved to work together toward a solution, and committed to solving the problem using credit union system resources.

The stabilization plan and the ongoing financial crisis will likely be key topics of discussion on Wednesday, as the folks who have come here from NC will converge on the Capitol to meet with their elected leaders. Gregory Jenkins, a volunteer with Greensboro Municipal Credit Union, is one of the people who will head to the Hill to speak with his elected leaders.

This is Gregory’s first GAC – and he’s only been on the GMCU board for two years now. But it’s clear in speaking with him that he has a passion for serving the members of the credit union – especially now that the economy is in recession and so many are struggling. 

Gregory came to the GAC with fellow board member Matt Holmen to learn more about the stabilization plan. Like many here, he isn’t happy at the income hit the credit union will take. But like many others in attendance, he is committed to looking within the system for the solution to the problem. 

Gregory spent a few minutes with me on camera discussing how the credit union is helping members deal with the recession, his thoughts about the stabilization plan, and the message he will take to members of Congress on Wednesday.