Mr. Powell, although appointed by President Bush to his current position, is clearly at odds with the Bush Administration regarding the continued tax-exempt status of the nation’s credit unions. The departure from the administration’s view was graphically illustrated when Treasury Secretary John Snow, speaking at the ACB conference earlier that day, reiterated the administration’s view that credit unions should not be taxed.

Further, Mr. Powell’s comments are also out of line with his role as a regulator. Rather than focus on political crusades advanced by those elements in the banking industry that wants to crush a part of the financial community, he should be focusing solely on the safety and soundness of those financial institutions he oversees. Perhaps he sees himself as a cheerleader for bankers, rather than as a protector of the public’s savings in banks.