ST. PAUL, Minn. (1/9/13)--A Minnesota state lawmaker's plan to clean up the state's banking regulations will be closely monitored by the Minnesota Credit Union Network (MnCUN).
State Rep. Joe Atkins (DFL-Inver Grove Heights), who wants to rewrite rules governing banks and credit unions in the state, has said he aims to simplify the rules, not make them more restrictive than current regulations (Finance & Commerce Jan. 8). Atkins chairs the Minnesota House Commerce and Consumer Protection and Finance Committee.
At a meeting in December with MnCUN, Atkins mentioned the initiative and stressed that its purpose was to make regulations easier to understand, not to add work to credit unions' plates, said the network.
Still, "the network plans to closely monitor this initiative to ensure that more regulations aren't added," said MnCUN.
The network will discuss the initiative in an article Friday about the start of the legislative session in its member publication, The Pulse, and "reassure credit unions that we have a close relationship with Rep. Atkins and will closely monitor this initiative."
Several banking associations in the state were skeptical of the plan, cautioning it could bring unintended consequences, said the article.