Frank Urges Treasury to Grant CUs Access to TARP Funds
WASHINGTON - House Financial Services Committee Barney Frank today reiterated his call for the Treasury Department to make credit unions eligible for funds under the Troubled Asset Relief Program.
"I would hope the treasury secretary would do it,'' Frank (D-Mass.), said at a news conference at which he outlined his committee's agenda for this year.
The House recently passed a Frank-sponsored measure that includes changes in the law that allows credit unions to accept TARP money. Included in the measure was a provision allowing credit unions to include government assistance in the calculation of their net worth, something they currently can't do.
Although the prospects for passage in the Senate are slim, Frank said "most of what we did in the bill can be done by the secretary."
Frank said that regulatory restructuring will be a top priority but did not mention credit unions or the NCUA during his discussions of the subject.
Last month, he told Credit Union Times that he favored keeping NCUA as an independent agency.