WASHINGTON — One of the credit union industry's champions onCapitol Hill has weighed with apprehension on the parts of the U.S.Treasury Department's related to credit unions and with guardedapproval of the other parts.

|

Representative Paul Kanjoski (D-PA) expressed apprehension aboutthe parts of the Treasury plan that impacted credit unions.

|

“There is a need to put credit unions on a level playing fieldwith other financial institutions in areas like capital standardsand business lending, but it should not come at the expense ofeliminating the current regulatory system, which has worked welland serves the financial needs of more than 90 million Americans,”Kanjorski said. “We must preserve and protect the uniquecooperative nature of the American credit union system.”

|

But he also noted with approval that the proposal would create afederal insurance charter and license mortgage originators. He alsopraised the overall effort as well, noting that in some ways it waslong overdue.

|

“Our capital markets have significantly evolved. After all, noone had conceived of mortgage-backed securities at the time wecreated the Federal Reserve and the Securities and ExchangeCommission,” he observed.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.