CUNA News Now: Frank assures CUs on reg reform issue

News Now LiveWire

HR 3606 (CARD Act 21-day rule fix) signed into law by president, as was the homebuyer tax credit extension 1 day ago

Scam warning: Kennedy Space Center FCU members being targeted via phony text messages by ID thieves in Florida. http://ow.ly/zWCE 1 day ago

Financial Stability Improvement Act markup, which began today, will continue after Vets. day, Hse. Fin. Svcs. Chair Barney Frank says. 1 day ago

In Mon NN: 24 SE Wisc. CUs will now have control of $71.5M in loans and lender-owned homes after Central States Mtge went into receivership. 1 day ago

Detroit Edison Credit Union and NuUnion Credit Union announce their intent to merge http://tinyurl.com/y8bslvg 2 days ago

Sign up; more tweets...

WASHINGTON (4/3/08)--Credit unions received a welcome message from a key leader in Congress Wednesday regarding the U.S. Treasury Department's proposal for financial institution regulatory restructuring: In a paraphrase, Congress backs credit unions.

House Financial Services Committee Chairman Barney Frank (D-Mass.) introduced Credit Union National Association (CUNA) witness Harriet May at Wednesday's hearing on the Internet Gambling law. (See related News Now story, "CUNA: Internet gambling law's burdens need Hill's action.") May is CEO of GECU, El Paso, Tex., and a CUNA board member.

Frank then said to May, "Please tell my good friend and former colleague Mr. Mica not to worry about the Treasury proposal to eliminate credit unions. We would never do that. So please tell him not to worry about that."

Frank's comments came the same day an editorial in The Hillnewspaper took note of CUNA President Dan Mica's concern that the Paulson plan would eliminate the National Credit Union Administration (NCUA) and force consumers to pay more for less. "These are serious criticisms that Congress should meet with equal seriousness," the editorial asserted.

CUNA's Mica received nationwide press exposure when he fired off the first question at Treasury Secretary Henry Paulson's briefing Monday on the agency's regulatory restructuring blueprint.

Mica explained to Paulson that the Treasury proposal could result in the demise of credit unions as they function today.

Paulson explained details in the 212-page report and the thinking behind its development. A summary of the report was leaked to the media during the weekend.



SEARCH Headlines Washington CU System Market Products & Services Consumer Print Today’s News Photo Gallery Videos Monthly Top 10 Archive Headlines via Email Enter your email address: text or HTML RSS Feed What is RSS? Contact News Now
	News Now LiveWire HR 3606 (CARD Act 21-day rule fix) signed into law by president, as was the homebuyer tax credit extension 1 day ago Scam warning: Kennedy Space Center FCU members being targeted via phony text messages by ID thieves in Florida. http://ow.ly/zWCE 1 day ago Financial Stability Improvement Act markup, which began today, will continue after Vets. day, Hse. Fin. Svcs. Chair Barney Frank says. 1 day ago In Mon NN: 24 SE Wisc. CUs will now have control of $71.5M in loans and lender-owned homes after Central States Mtge went into receivership. 1 day ago Detroit Edison Credit Union and NuUnion Credit Union announce their intent to merge http://tinyurl.com/y8bslvg 2 days ago Sign up; more tweets... Frank assures CUs on reg reform issue WASHINGTON (4/3/08)--Credit unions received a welcome message from a key leader in Congress Wednesday regarding the U.S. Treasury Department's proposal for financial institution regulatory restructuring: In a paraphrase, Congress backs credit unions. House Financial Services Committee Chairman Barney Frank (D-Mass.) introduced Credit Union National Association (CUNA) witness Harriet May at Wednesday's hearing on the Internet Gambling law. (See related News Now story, "CUNA: Internet gambling law's burdens need Hill's action.") May is CEO of GECU, El Paso, Tex., and a CUNA board member. Frank then said to May, "Please tell my good friend and former colleague Mr. Mica not to worry about the Treasury proposal to eliminate credit unions. We would never do that. So please tell him not to worry about that." Frank's comments came the same day an editorial in The Hillnewspaper took note of CUNA President Dan Mica's concern that the Paulson plan would eliminate the National Credit Union Administration (NCUA) and force consumers to pay more for less. "These are serious criticisms that Congress should meet with equal seriousness," the editorial asserted. CUNA's Mica received nationwide press exposure when he fired off the first question at Treasury Secretary Henry Paulson's briefing Monday on the agency's regulatory restructuring blueprint. Mica explained to Paulson that the Treasury proposal could result in the demise of credit unions as they function today. Paulson explained details in the 212-page report and the thinking behind its development. A summary of the report was leaked to the media during the weekend. Resource Links RELATED STORY: "CUNA: Internet gambling law's burdens need Hill's action" RELATED STORIES: Treasury's Regulatory Blueprint More Washington
	Copyright © 2009 - Credit Union National Association, Inc.

More Washington