![]() | ||
|
Headlines via Email RSS Feed
|
||
|
News Now LiveWire
Congressman 'apprehensive' about Treasury's CU plan WASHINGTON (4/2/08)—U.S. Rep. Paul Kanjorski (D-Pa.) raised strong concerns this week about the U.S. Treasury Department's long-term plan to consolidate regulation of credit unions with other financial institutions.
Kanjorski was responding to the Treasury's financial regulatory overhaul announced this week, which would consolidate federal credit unions, national banks and federal thrifts into a single "federally insured depository institution" charter. Treasury's long-term recommendations ultimately would phase out the National Credit Union Administration and place banks and credit unions under one regulator's oversight. "We must preserve and protect the unique cooperative nature of the American credit union system," said Kanjorski, who is sponsor of two credit union bills now pending before the House of Representatives—the Credit Union Regulatory Improvements Act (CURIA, H.R. 1537) and the Credit Union Regulatory Relief Act of 2008 (CURRA, H.R. 5519). Kanjorski did express support for some of Treasury's proposals, including the creation of a federal insurance regulator and an optional federal charter for insurers, which he said would "respond to the global competitive pressures of the insurance marketplace." The congressman also welcomed a proposed commission to establish uniform minimum licensing qualification standards for mortgage originators. Use the links below to review Treasury's Regulatory Blueprint and access related stories. Resource Links More Washington |
||
|
Copyright © 2009 - Credit Union National Association, Inc. |
||