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CU System
CU CEOs question puts Bernanke on the record
KANSAS CITY, Mo. (7/30/09)--Mazuma President/CEO Rob Givens put Federal Reserve Board Chairman Ben Bernanke on the record when Givens questioned Bernanke about the changing landscape of consumer protection during a special edition of “NewsHour with Jim Lehrer” Sunday.
Ben Bernanke was put on the record when a credit union CEO asked him about the changing landscape of consumer protection during a taping of PBS’ “NewsHour” Sunday in Kansas City, Mo. (Photo provided by the Missouri Credit Union Association)
During the television broadcast, Bernanke took questions from an audience in a town hall-style forum. The audience consisted of 190 Kansas City-area residents, including Givens. Givens asked Bernanke about consumer protection, including the increasing powers given to the Federal Reserve, the existing responsibilities of the Federal Deposit Insurance Corp. (FDIC), National Credit Union Administration (NCUA) examiners and the proposed Consumer Financial Protection Agency (CFPA). Bernanke said he wasn’t opposed to the agency but has some reservations. He was concerned about the overlap among the FDIC, NCUA examiners and CFPA. “It’s a tough issue, and I know Congress is going to be wrestling this for some time,” Bernanke said. Givens said he was honored to participate in the town hall and pleased that credit unions were represented (The Missouri difference July 29). “I appreciated [Bernanke’s] expressed reservations about adding yet another federal agency to the regulatory and compliance structures already imposed on credit unions,” Givens said. “Since credit unions were generally not part of the current crisis, the added costs and burdens of oversight do not seem necessary.” The material from the town hall will be included on “NewsHour” broadcasts this week. The entire taping, called “Bernanke on the Record,” is scheduled to run Friday on PBS television. Mazuma CU, Kansas City, has $368 million in assets.
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