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CUNA thanks president for NCUA independence
WASHINGTON (6/23/09)--Credit Union National Association (CUNA) President/CEO Dan Mica on Monday thanked President Barack Obama for allowing the National Credit Union Administration (NCUA) to maintain its independence under the administration’s recently proposed plan for financial regulatory reorganization. In a letter to the president, Mica said that CUNA applauded the administration for “avoiding a consolidated regulatory scheme that would supervise for-profit banks and not-for-profit credit unions in a similar manner.” Maintaining the independence of the NCUA is “one of the most significant objectives of the credit union system,” Mica added. While he acknowledged that there are still “many questions to be addressed and a number of details to be determined” regarding the administration’s proposed Consumer Financial Protection Agency, Mica said that CUNA is not simply dismissing the need for the agency. Rather, he said, CUNA is carefully reviewing the provisions for the agency. CUNA is eagerly awaiting congressional review and looks forward to discussing how “the new agency can replace and simplify regulatory requirements that interfere with credit unions' capabilities to serve their members,” Mica said.


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