Posted on 04/22/2010 6:50:43 PM PDT by GOP Jedi
Rarely in our 87-year history have we turned to USAA members to weigh in with elected representatives on an issue of great importance. But, we are now.
The U.S. Senate currently is considering legislation (S.3217) that would impose new rules on the nation's financial services industry, including USAA.
As the leading provider of financial services to America's military community, USAA supports financial services reform.
However, the current Senate bill would disproportionally impact USAA because we are a unique and fully integrated association. USAA is not like the banks and other companies that helped bring down our economy, and we never took a penny of TARP funds. We do not engage in the harmful practices this legislation seeks to resolve.
If unchanged, the bill would:
Prevent USAA from managing the association's portfolio as we have for the past 87 years.
Jeopardize our ability to continue offering many of our competitive products.
Limit our ability to return money to our members. Last year, USAA returned $1.2 billion to our members in the form of distributions, dividends, and bank rebates and rewards.*
So, we are asking all USAA members and employees to urge their U.S. senators to amend a portion of the bill, known as the "Volcker Rule," to eliminate its effect on a company like USAA. Please know that this legislation does not impact individual member's investments.
Regardless of the outcome of the legislation, USAA will remain a unique and enduring association that's all about you — the military and their families.
Please take action on this matter by immediately contacting your U.S. senator. You may click here to access a special website that will enable you to quickly send an e-mail message to your senator.
Thank you for your help and support,
Josue (Joe) Robles Jr. Major General, USA (Ret.) President and CEO
Yep. I just got that email.
By far the best insurance company in the world.
More love from inside the beltway.
Dittos to that!!!!!!
Wow. I’ve been a member of USAA for 21 years, I’ve never seen them do this. They are a great company, if they say this is bad, which based on their assessments it is, then it’s really bad.
Joe Robles is a good man. He is trying to protect his business as any CEO is expected to do, but he is looking out for his customers above all, something that will never occur with the current administration.
Duty First.
I’ve been a USAA member for 30 years and had only good experiences with them. I’m going to write my Congressman, as the letter asks.
Dittos! Best insurance company around!
bookmark
member since ‘74 (I think). It’s on my card but who can find that?
I just got this e-mail too.
I hope all USAA members will do as requested. I am confident USAA would not make this request unless it was in the best interests of its customers.
Horrible-
Another knee jerk government reaction to a problem that in part was originally created by a government “pushing” easy lending and now pretending to be our savior, using the crisis for a power grab, offering half baked solutions that are idiotic once one looks at the fine print of the legislation. But hey, it sounds good!
Many members of congress are USAA members. I suspect they will think twice before cutting own throats.
Joe Robles has been a BIG plus for USAA. IMHO, Bob Davis goal was to drag the company to the level of the bank he ran previous to taking control of USAA. I was really glad to see him go.
130 46 55
reporting from the internet
i have no idea when i got my first auto insurance policy
now i use almost all of their products...checking, savings, mutual funds, auto ins, home ins, home mortgage
so many years, so much buisness
no complaints
and yes, there have been some claims on the auto ins, and they were fast, caring, and exceeded my expectations
USAA opened its membership to more (i think now every) who have served all branches of the military....if you don’t have this company for your insurance or banking....take a look
another satisified long long time customer
Done
I’ve been very happy with their auto insurance. Their finance stuff, not so much, but they are still my first choice.
Done. Contacted both.
The unintended consequences of the Credit CARD Act of 2009 (which had tons of populist support) will be absolutely terrible for the consumer and for business in the U.S..
The unintended consequences of the “financial reform” bill will be 1,000,000 times worse.
The more something is regulated, the more it costs and the less available it becomes.
Keep in mind that the same people who caused the crisis are now proposing far-ranging legislation to prevent the next crisis.
This legislation will only serve to empower the people and their cronies who caused the crisis, not to prevent another crisis from happening.
You cannot legislate morality, as the saying goes.
Enforce the laws that are on the books... that’s all we need to do.
Am USAA member 44 years. If USAA says do it, do it.
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