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CUNA's Cheney a guest on CNBC's Squawk Box

Appearing on CNBC's Squawk Box Oct. 11, CUNA CEO Bill Cheney was asked whether the NCUA's plan for dealing with the corporates constitutes a credit union bailout. Squawk Box co-host Joe Kernan and guest host Steve Forbes asked Cheney about credit unions being bailed out and he set the record straight. Cheney emphasized that "this is not a bailout in any way, shape or form" and that the NCUA's action "won't cost the taxpayers a dime." When Cheney was asked about a "worst case" scenario, he said even if the costs reached the high end estimates of $15 billion, credit unions have the capacity to pay that off over 11 years. The discussion turned to the difference between corporates and regular natural person credit unions and Cheney stressed that "the credit unions consumers deal with will continue to do a great job, as they always have, serving their members."

Click below to see the entire interview