NEW: Frank underscores commitment to CUs
WASHINGTON (4/8/08 UPDATED 1:50 p.m. ET)—House Financial Services Committee Chairman Barney Frank (D-Mass.) took pen to paper to reiterate his assurance to credit unions that the U.S. Congress appreciates the role they play in the country's financial services system.
In a letter to the Credit Union National Association (CUNA), Frank acknowledged CUNA's concerns regarding the devastating affect the U.S. Treasury Department's proposal for financial institution regulatory restructuring could have on credit unions.
Frank said that any proposal to do away with credit unions is a proposal that will go nowhere.
The chairman first stated his reassurance to credit unions at last week's hearing on the Internet Gambling law, at which CUNA witness Harriet May testified. May is CEO of GECU, El Paso, Texas.
Frank 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."
In his April 3 letter, Frank expanded his thoughts: "(G)iven the appreciation Member of Congress have of the role that credit unions play, there is no chance of anything that would diminish that role going through.
"Indeed, as you know, we have worked closely with you on legislation that will to some extent expand the ability of credit unions to serve consumers."
He said that, while Congress may not stand ready to give credit unions all they seek, "I can assure you that it is expansion and not contraction that will be on our agenda for credit unions in the future."
Use the resource link below to read the complete letter.
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