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<p>WASHINGTON – In a recent meeting, NAFCU President Fred Becker told Rep. Michael Oxley (R-Ohio), Chairman of the House Financial Services Committee that $33 billion in credit union assets moved from the federal to state charters in the last five years, according to NAFCU staff. “We conveyed to Chairman Oxley that over the last five years the assets of credit unions converting from federal to state charters are over $33 billion,” said Brad Thaler, Director of Legislative and Political Affairs for NAFCU. The Chairman was “interested” in the patterns of federal charter conversion that the association presented, NAFCU said. In addition to Becker and Thaler, Senior Vice President Bill Donovan and Senior Legislative Representative Murray Chanow also attended the meeting and helped to convey the association’s gratitude for the chairman’s efforts in drafting and shepherding a regulatory relief bill through the legislative process. NAFCU and CUNA are expected to testify in favor of the regulatory reform package on April 25 and Oxley’s staff said they hoped to have the package ready for full committee mark up by May. “We look forward to testifying on the regulatory relief bill and believe it is an important step in the right direction,” Thaler said.</p>

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