WASHINGTON — Increased regulation for the financial services industry appears to be one of the most likely outcomes of the current financial crisis, but credit union lobbyists are working to promote credit union interests in the new conversation.
The lobbyists noted that the possible need for new regulations has been an item on some legislators' agendas for many years but that the ongoing financial crisis has moved the topic onto the broader legislative agenda. Congress spent last week on its spring recess so no new legislation has been introduced, but some lawmakers and the administration have said they are preparing legislative packages.
Congressman Barney Frank (D-Mass.), chairman of the House Financial Services Committee, is one of the legislators known to have an interest in increased financial regulation for some time, and he kicked off the formal conversation on March 20 by proposing sweeping changes to the way the federal government regulates the financial services sector.
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