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Regulatory change blueprint to be released later
NEW YORK (02/08/08)—The Bush Administration expects to release during this year's first quarter its blueprint to improve the U.S. financial regulatory structure, according Under Secretary for Domestic Finance Robert K. Steel. He spoke yesterday in New York City. The report will follow the agency's request for comments in October on the restructuring of the regulation of the financial services sector. The Credit Union National Association (CUNA) filed a comment letter urging no changes in National Credit Union Administration’s (NCUA) structure. The blueprint will propose some broad ideas for "optimal regulatory structure to match the ever changing nature of the financial services industry," said Steel. This will be a "newly designed model" focusing on key aspects of regulating financial institutions; prudential regulation for safety and soundness; consumer and investor protection and overall market stability. "You should not be surprised to hear that this optimal structure will be different form our current structure," he said. The report will also recommend some less conceptual ideas that will serve as an "intermediate step" toward an improved structure of financial services, according to Steel. CUNA will provide an analysis as soon as the report is available, said CUNA Deputy General Counsel Mary Dunn.


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