Frank advocates expanded powers for CUs
BOSTON, Mass.(6/23/09)--Credit unions should be given expanded powers, House Financial Services Committee Chairman Barney Frank told Massachusetts Credit Union League members on Monday.
Speaking before a meeting held in conjunction with the Credit Union National Association's America's Credit Union Conference, Frank said that credit unions have not been singled out for negative treatment under financial regulatory reform because they "were zero part of the current financial upheaval."
According to Frank, the "good news" for credit unions is that "there is no news," as Congress is currently busy taking care of the problems created by other financial institutions. While Congress is expected to be occupied with financial regulatory reform through the end of this year, Frank said that he plans to begin a review of credit union powers early next year.
Frank also commended CUNA President/CEO Dan Mica and MA/NH/RI League President Dan Egan for their leadership on behalf of the credit union movement, adding that both Mica and Egan are working to pursue credit union interests with Frank.
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