WASHINGTON — Representative Barney Frank (D-Mass), Chairman ofthe House Committee on Financial Services reassured the creditunion industry that Congress would never abolish credit unionsregardless of what sorts of regulatory overhaul it might decide toenact.

Temporarily chairing a hearing before the Committee'sSubcommittee on Domestic and International Monetary Policy, Tradeand Technology, Frank welcomed Harriet May, CEO of GECU in El Pasoand Secretary of CUNA's board with the reassurance aboutCongressional support.

“Before we begin please convey to Dan Mica, my good friend andformer colleague, that we would never abolish credit unions,irregardless of Mr. Paulson might have recommended,” Franksaid.