WASHINGTON – The SEC and the American Bankers Association recently met again to discuss the Regulation B proposal that would extend broker/dealer exemptions to credit unions, but neither side is offering further comment. The Oct. 22 meeting was attended by Sarah Miller, director of the ABA Center for Securities, Trust and Investment and general counsel, ABA Securities Association (ABASA) and John Dugan, ABASA outside counsel along with Catherine McGuire, Chief Counsel, Paula Jenson, Deputy Chief Counsel, and Linda Sundberg, Attorney Fellow, all from the SEC. The ABA and ABASA 45-page comment letter was discussed, according to the SEC. This is the second time the ABA has met with SEC officials and both sides are still offering no further comment. An Oct. 18 meeting was attended by SEC Commissioner Paul Atkins, his counsel, Susan Ameel, SEC Commissioner Cynthia Glassman, her counsel, Mary Head, and Joseph Hall, counsel to SEC Chairman William Donaldson and representatives from the ABA and ABA member banks to discuss their views on proposed Regulation B. Regulation B proposal would include extending exemptions to CUs such as engaging in third-party networking, sweep accounts and trust and fiduciary services without having to register with the SEC. The ABA has criticized the proposal on a number of fronts including how changes to safekeeping and networking exemptions may negatively impact customer relationships.