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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:

 

 

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

 

 

 

 

 

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.

 



  • Tweet your support using #raiseMBLcap

 

 

Use some of the following additional strategies

 

From Nov. 19-Dec. 21, please:

 

 

 

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

 

 

 

 

Additional Resources

 

 

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

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