WASHINGTON (4/14/08)—Credit Union National Association (CUNA) President/CEO Dan Mica went straight to the top and sent a letter to President George W. Bush about a credit union concern involving the U.S. Treasury Department's plan to restructure the regulation of the financial sector.
Mica noted that in its restructuring "blueprint," Treasury seeks a presidential order to expand a Presidential Working Group (PWG) on financial markets policy to include all federal banking regulators, while excluding the National Credit Union Administration (NCUA).
"While we feel it is important that all financial institutions, including credit unions, be represented on the PWG, it is particularly significant now as the Administration and other key policymakers seek ways to deal with the current economic concerns," Mica said.
He reiterated that CUNA and credit unions were "stunned and dismayed by the long-term recommendation of the report which would effectively eliminate credit unions and NCUA."
Mica added that CUNA is concerned that excluding NCUA from the PWG now is a prelude to the pursuit of those recommendations, yet has been heartened by the statements of congressional support following the release of the report.
"Throughout both your administrations, credit unions have been very grateful for your support of their tax exempt status, and we urge you to continue recognizing their role, as well as that of NCUA, in helping to offer financial alternatives. We urge you to include NCUA on the PWG," Mica concluded.
courtesy of cuna.org