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News Now

Washington
Mica Treasury eager to discuss CU issues
WASHINGTON (7/1/09)--Credit Union National Association President/CEO Dan Mica Tuesday met with Treasury Secretary Timothy Geithner to discuss some of the pressing issues currently of great interest to credit unions--including member business lending and alternative capital--and to ensure that credit unions would have a “place at the table” as the Obama administration and Congress move forward with their restructuring of the financial regulatory system.
Click for video CUNA President/CEO Dan Mica met with Treasury Secretary Tim Geithner Tuesday to discuss credit union regulatory needs. Click for a video summary of the meeting. (Photo provided by CUNA)
Mica and other CUNA representatives, including Chief Economist Bill Hampel, Vice President of Legislative Affairs Ryan Donovan, and Executive Vice President/General Counsel Eric Richard, discussed CUNA’s views regarding the general plans for regulatory restructuring and the Obama administration’s proposed Consumer Financial Protection Agency during the meeting. Geithner also showed an “intense interest” in the credit union-specific issues of member business lending and alternative capital, telling Mica that he looked forward to working with CUNA to address these and other issues. Overall, Geithner indicated that the Treasury recognizes the need to receive input from credit unions and a number of other outside sources as it works to correct some of the perceived deficiencies in the current financial regulatory structure. Mica said that CUNA would oppose any regulatory changes that would be redundant or would add an unneeded layer of additional regulatory complexity, adding that CUNA would favor easing some of the regulatory burden on credit unions. Mica told Geithner that CUNA is willing to discuss the administration’s proposed consumer financial protection agency in “good faith” as it is developed, provided that legislation would meet the needs of credit unions. (See related story: Obama admin delivers consumer protection plan) While some members of Congress have signaled their intent to keep the National Credit Union Administration (NCUA) independent, a position that CUNA also supports, Mica told Geithner that allowing the NCUA to remain independent would mean little if the NCUA was only afforded “a second-class existence.” For a video summary of the meeting, click on the photo.


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