WASHINGTON -- Sen. Bob Corker, a key Senate architect of the regulatory restructuring legislation, said today that it is more important that a new consumer regulator have sufficient authority than whether it is an independent agency.
Allies and adversaries, sometimes simultaneously. That's the relationship between credit unions and community bankers.
Credit unions aren't included in a proposed program to lend community banks money so they can lend money to small businesses and Independent Community Bankers of America President/CEO Camden Fine wants to be sure they are kept out.
Credit unions are hoping that President Obama's latest endorsement of a new agency to regulate consumer products won't be enough to push it through the Senate
Raising the cap on member business loans is risky in light of the problems facing credit unions and would take away businesses from "tax-paying community banks," said Independent Community Bankers of America Senior Vice President Stephen J. Verdier.