WASHINGTON — CUNA President/CEO Dan Mica wrote a letter to President George W. Bush asking him to sign the Financial Services Regulatory Relief Act of 2006 (S.2856) as quickly as possible to provide financial institutions much needed relief.
"Modernization of the current financial regulatory structure is a key element in keeping our financial services sector competitive with our counterparts in the global marketplace," Mica wrote. "In addition, regulatory modernization provides the American consumer with more competition, leading to better service and lower fees.
"I believe that these commonsense reforms are an important step in creating a more robust and competitive marketplace for all financial institutions and their members and customers," Mica said in the letter. "Again, I urge your support for this important piece of legislation and appreciate your leadership in this vital sector of our economy."
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There was no word as of press time when the bill might be signed into law.
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