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CU stance on Treasury plan ripples
Click to view larger image CUNA President/CEO Dan Mica, right, and Bloomberg Television anchor Kathleen Hays discuss the Treasury's recently released regulatory blueprint, which CUNA says will be detrimental to credit unions and consumers. The interview happened Wednesday on the Russell Senate Building rotunda balcony and was aired live by the business network. (Photo provided by CUNA)
WASHINGTON (4/3/08)—After a weeklong drumbeat of press coverage, Credit Union National Association (CUNA) President/CEO Dan Mica explained to Bloomberg Television viewers yesterday the association’s concerns about the Treasury “blueprint” for financial regulatory reform. Mica told Bloomberg anchor Kathleen Hays that the regulatory plan unveiled Monday, March 31, by Treasury Secretary Henry Paulson would essentially eliminate credit unions if its long-term recommendations were put into place. The CUNA leader also explained that credit unions were not the cause of today’s housing and credit crisis and that the not-for-profit cooperatives have been lauded by policy makers for their performance and willingness to help consumers in these troubled times. On such issues in Congress, credit unions are on the side of consumers, he said. In a related development yesterday, House Financial Services Committee Chairman Barney Frank (D-Mass.) said Congress will ensure the Treasury blueprint will not harm credit unions. (See related story.)


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