Following President Barack Obama’s speech Tuesday night before the Joint Meeting of Congress, CUNA asked the White House to consider credit unions as a key part of the solution to the credit crunch facing America’s small businesses.

Credit unions will likely feel like the brother of a “prodigal son” this year as Congress works to clean up the subprime mortgage mess, Rep. Barney Frank (D-Mass.) told attendees of the CUNA Governmental Affairs Conference Wednesday.

Chairman Christopher Dodd of the Senate Banking Committee, noting a scheduled Wednesday afternoon meeting between federal lawmakers and Obama administration officials about restructuring the financial services regulatory scheme, assured credit unions that they have standing in those discussions.

A mortgage cramdown bill expected to be voted on today could lead to uncertainty for credit unions as mortgage lenders, according to Rep. John Boehner (R-Ohio).

Rep. Carolyn Maloney (D-N.Y.) told a credit union group Wednesday that, as the country’s policymakers consider financial services regulatory reform, she backs retaining an independent regulatory arm just for credit unions.

The second annual America Saves Week survey revealed declining percentages of Americans who believe they are saving enough for retirement and expect to pay off their home mortgage before retirement.

Costs related to the data breach of Princeton, N.J. Heartland Payment Systems will be significant, but the company still cannot estimate how many consumer accounts were compromised, Heartland said Tuesday.

CUNA has posted on its website the preliminary analysis of the National Credit Union Administration (NCUA) call report data for year-end 2008.