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WASHINGTON-Senate Banking Committee Member Jack Reed (D-R.I.) told attendees of NAFCU’s Congressional Caucus last week that he favored greater private insurance disclosures. Reed explained that he experienced what happened first hand with the Rhode Island insurance debacle and stated, “We don’t want to see that happen again.” He said that he wrote NCUA in favor of their proposal to increase the agency’s control over disclosures in private insurance conversions. The proposal has stirred the pot again on the private insurance controversy. CUNA and NASCUS have written official comment letters in strong opposition to the proposal, while NAFCU has been in favor of it (see related story on page ????). The Senate Banking Committee Member also said he was “looking forward to working with this organization” on regulatory relief legislation.

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