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News Now

Washington
Dodds assurance No single regulator for CUs
WASHINGTON (9/30/09)—In a financial regulatory reform hearing conducted by the Senate Banking Committee Tuesday, Chairman Christopher Dodd (D-Conn.) made it resoundingly clear that any plan to combine financial institution regulation under a single regulator does not apply to credit unions. The hearing was titled “"Strengthening and Streamlining Prudential Banking Supervision." During the public session, banking panel member Sen. Jeff Merkely (D-Ore.) noted that community banks and credit union are concerned about being rolled into a single regulator. The Credit Union National Association has stated the credit union case that a separate federal regulator is an imperative for credit unions because their structure and, in some ways, operations are so distinct from banks and thrifts. Responding to Merkeley, Dodd said: “I want to make it clear that this does not relate to credit unions. Before I get calls from around the country, I wanted to make that point. Credit unions: you are ok.” Sen. Bob Corker (R-Tenn.) said of the exchange, “You have just given evidence to where the real political clout is.” CUNA Vice President of Legislative Affairs Ryan Donovan said after the hearing, “Now the administration, House Financial Services Committee Chairman Barney Frank (D-Mass) and Chairman Dodd appear aligned on keeping NCUA out of a national banking regulator.”


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