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News Now

Washington
Obama urges finance firms to fight for reform
WASHINGTON (4/23/10)--President Barack Obama has urged Wall Street financial firms to “join” his Administration’s attempts to reform finance regulations “instead of fighting us in this effort,” stating that the reforms “are, in the end, not only in the best interest of our country, but in the best interest of our financial sector.” While many large financial firms, and groups representing their interests, elected to avoid or oppose any discussion with the government as the financial regulatory reform debate began, the Credit Union National Association has met directly with members of Congress and U.S. Treasury officials to lay out credit union concerns. CUNA’s advocacy on behalf of credit unions has continued more recently, with CUNA on Thursday urging legislators to narrow the legislation’s definition of remittances. CUNA has also called for Congress and the Administration to retain the National Credit Union Administration’s regulatory authority over all credit unions rather than limiting it to those with under $10 billion in assets. Senator Harry Reid (D-Nev.) on Thursday said that a vote to proceed with debate on Sen. Chris Dodd’s (D-Conn.) S. 3217, the Restoring American Financial Stability Act, would take place on Monday.


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