CUNA News Now: Frank advocates expanded powers for CUs

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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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	News Now LiveWire NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 2 days ago Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 3 days ago Reg E gift card rule proposed by Fed. Would implement Credit CARD Act requirements that are effective Aug. 22. http://tinyurl.com/yh9eats 3 days ago AOL's Walletpop advises "fee-weary consumers" to find a credit union, points them to CUNA's online CU locator: http://tinyurl.com/ydsjlvr 3 days ago NCUA approved 2010 OTR of 57.2 percent 3 days ago Sign up; more tweets... 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. More Washington
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