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Bachus backs CUs as Congress reforms regs
WASHINGTON (6/22/09)--The National Credit Union Administration (NCUA) and credit unions in general should expect support from both sides of the aisle as debate on financial regulatory restructuring moves forward this year, with ranking House Financial Services Committee member Rep. Spencer Bachus (R-Al.) lending his continued support to the mission of credit unions. In a recent letter to Credit Union National Association (CUNA) President / CEO Dan Mica, Bachus said that he and other House Republicans would seek CUNA’s input to ensure that the “shared goals of charter preservation and credit union independence are achieved” as they develop their alternative plan for regulatory reform. Though the exact details have not been released yet, the republican plan would look to limit future financial bailouts and reform the Federal Reserve, Fannie Mae, Freddie Mac, and credit rating agencies. Calling credit unions “an integral part of our financial system,” Bachus also reaffirmed CUNA’s belief that credit unions did little to contribute to the current economic crisis. The NCUA would maintain its safety and soundness authority over credit unions under the U.S. Treasury's blueprint for financial regulatory reform.


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