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News Now

Washington
Maloney backs independent CU regulator
WASHINGTON (2/26/09)— Rep. Carolyn Maloney (D-N.Y.) told a credit union group Wednesday that, as the country’s policymakers consider financial services regulatory reform, she backs retaining an independent regulatory arm just for credit unions. Maloney, who is chairman of the House Joint Economic Committee, also said that if government funds were ever needed in the uncertain future to back the National Credit Union Share Insurance Fund (NCUSIF), she was there in Congress to support such a plan. “I am part of your voice in Congress,” Maloney told attendees of the Credit Union National Association’s 2009 Governmental Affairs Conference (GAC), “and I am proud to be with you.” Maloney also endorsed the credit union tax status. She came out in favor of a plan to allow the NCUSIF to recognize its insurance costs over five years, rather than the currently required one year. That change, contained in a House bill that is expected to be voted tomorrow, would give credit unions some flexibility on when they must fund costs associated with the National Credit Union Administration’s corporate credit union stabilization plan and reflect them on their books.


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