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Washington
In iRoll Calli Mica warns of bad lenders comeuppance
WASHINGTON (7/14/08)—For mortgage lenders who acted improperly, or even in the gray areas of good lending practices, there may be a “comeuppance” in Congress next year, Credit Union National Association (CUNA) President/CEO Dan Mica said recently in the Capitol Hill publication Roll Call. A July 10 article, “Financial Crisis Keeps K Street Busy,” noted that Congress has made easing the foreclosure turmoil a legislative priority this year and predicted that the crisis will continue to dominate the federal legislative agenda in 2009. Mica’s statements concurred: “There will be continuing massive Congressional involvement in the financial services industry, and they will be looking at cures and prevention of what caused this subprime crisis, and I believe they may be placing some blame.” “There will be very direct and riveted action in the financial services community next year,” Mica added. “For those financial services who acted in the gray areas or improperly, there may be a comeuppance.” The article, which included comments from a range of lobbyists--representing consumers, banks, insurance interest and more--noted that legislative changes could come in the form of increased consumer protections and “sweeping” new regulatory proposals for banks, investment houses, insurers and other financial services firms.


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