IIAA & NALU Comment On Supreme Court Credit Union Decision

N/Aany%> (IIAA) and the National Association of Life Underwriters (NALU) have warned Congress that it should not let a Supreme Court decision on credit union membership bog down the effort to modernize our nation's financial services laws.

The IIAA and NALU were commenting on the Supreme Court's 5-4 split decision to limit credit unions to a set membership class. The ruling was released on 25 February.

"There is little doubt that the High Court's 5-4 split decision will hold significant implications for the financial services modernization effort on Capitol Hill," a joint statement by IIAA Senior Vice President of Government Affairs Robert A. Rusbuldt and NALU Associate General Counsel David A. Winston stated.

"Both IIAA and NALU continue to be strong proponents of financial services reform. Our long-held position is that Congress must reassert its will and intent on financial modernization in general and the direction of the financial services industry as a whole."

Rusbuldt and Winston recognized the controversial nature of the credit union issue. "One needs to look no further than the Supreme Court's 5-4 split decision to see the breadth of the heated debate and passion on this issue," their statement announced.

Rusbuldt and Winston concluded, "IIAA and NALU continue to work with congressional leaders to make financial services reform a reality before the end of the 105th Congress."

IIAA is the nation's largest association of independent insurance agents, representing a network of more than 300,000 agents and agency employees nationally. NALU is a federation of 1,000 state and local life underwriters associations, representing 110,000 agents in life and health insurance sales and other financial services.