Tell our U.S. Senators: "Vote NO on S. 3637 - TAG Extension"

Take action NOW.

On Thursday, December 13, a U.S. Senate vote is expected on S. 3637, the Transaction Account Guarantee Program, a bill that would extend unlimited deposit insurance coverage to noninterest bearing accounts at banks. This is one of banks' top priorities.

Wisconsin Activists must act NOW to tell our Senators NO to this bank-only legislation to extend a program that is risky, unnecessary,and has not proven to inspire additional bank business lending when there are better policy options available to Congress,namely the Credit Union Small Business Jobs Act. 

Who should respond:

• Credit Union CEOs
• CU board members
• CU employees
• CU members

Through Thursday, December 13, please:

• Email Senators using our Grassroots Action Center

• Call Senators at (202) 224-3121 using the message points below. 

• Use Social Media. Use Facebook to share the Grassroots Action Center link, CUNA's  TAG video/radio spot, and CUNA's TAG print ad.

Background and Key Message Points

During the TARP era, the FDIC used emergency powers to extend unlimited deposit insurance coverage to noninterest bearing accounts at banks.  This was necessary to maintain confidence in the banking sector which was in crisis.  During the Dodd-Frank Act, Congress temporarily authorized the FDIC to continue this coverage, and expanded the program to include credit unions as well through the NCUSIF.  This program expires at the end of the year.  

• Congress should end bank bailouts and handouts.  Since TAG is no longer necessary, continuing the program is a giveaway to the banks, providing a taxpayer-backed guarantee to over a trillion dollars of large depositor deposits.

• The banks are flush with liquidity but are not lending.  During the financial crisis, small bank small business lending contracted 15% while credit union small business lending expanded 45%.  This program was not successful in encouraging banks to lend to small businesses.

• There are better options available to Congress:  small businesses need banks and credit unions to provide access to credit.  If Congress decides to continue to provide taxpayer backed insurance over large deposits, then Congress should also permit experienced, well-managed credit unions to continue to lend to small businesses by enacting S. 2231, the Credit Union Small Business Jobs Act.

• Vote NO on S. 3637.

Also continue contact urging SUPPORT for credit unions' bill:

Even if you've made prior contacts:

• Send a pre-written email to your U.S. Representative and U.S. Senators. The messages are customizable to add your own small business or credit union story.

• Call each of them at 1-877-642-4223 to urge their support. Once you provide your ZIP code you will be automatically directed to one of your legislators.  Talking points will be provided upon calling.

• Send a printed letter to each of them at their Washington D.C. or local district office.

• Ask family, friends and Facebook friends to send pre-written messages.

• Tweet your support using #raiseMBLcap

Use some of the following additional strategies

From Nov. 19-Dec. 21, please:

• Provide the link to send pre-written emails with your staff, board and members

• Create additional materials to involve members, such as flyers, notecards or brochures 

• Facilitate member response by providing printed letters to sign in your lobbies and mail them to either their D.C. or local district office.

• Ask your business loan recipients and member businesses to sign a printed letter (like these examples from an individual business or from multiple businesses), and provide video testimonials, stories and quotes that you can share with Members of Congress.

Additional Resources

• Place this editorial about MBL in your local newspaper.
• Sample member newsletter article.
• Wisconsin MBL Fact Sheet 
• Conservative Coalition Support Letter
• Rebuttal of ABA propaganda distributed on Capitol Hill
• Rebuttal of ABA propaganda distributed on Capitol Hill (Edition 2)
• Bill language (S. 2231) - CUNA login required 
• Bill language (H.R. 1418) - CUNA login required
• CUNA resources (check here for additional updates on materials) – CUNA login required
• Contact Chad Helminak at (608) 514-0080 or chelminak@theleague.coop for webgraphics you can use to link your members to MBL action resources 

Questions? Contact Tom Liebe at (608) 514-0082, Sarah Wainscott at (608) 514-0086 or Patrick Lonergan at (608) 514-0081