The Transaction Account Guarantee extension, which both CreditUnion National Association and National Association of FederalCredit Unions are pushing to package with member business lendinglegislation, could be losing steam in Congress despite the recent introduction of S. 3637 bySenate Majority Leader Harry Reid (D-Nev.).

On Nov. 27, The Financial Services Roundtable, an advocacy grouprepresenting the 100 largest financial services companies, said ina letter from President/CEO Tim Pawlenty to Reid and MinorityLeader Mitch McConnell (R-Ky.) that not only have bank balancesheets improved since TAG was extended in 2010, continuing theprogram “may create the misperception of instability, at the verytime that the financial services sector has made significant andpositive reforms.”

Independent Community Bankers of America President/CEO CamdenFine took to Twitter on Monday in response, likening the FSR to“It's a Wonderful Life” villain Henry Potter. Fine said on Twitter,“As the FSR TAG letter shows once again, Mr. Potter is still tryingto vacuum up Main Street and Bedford Falls – ICBA & GeorgeBailey will fight it.”

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