WASHINGTON — Representative Barney Frank (D-Mass), Chairman of the House Committee on Financial Services reassured the credit union industry that Congress would never abolish credit unions regardless of what sorts of regulatory overhaul it might decide to enact.
Temporarily chairing a hearing before the Committee's Subcommittee on Domestic and International Monetary Policy, Trade and Technology, Frank welcomed Harriet May, CEO of GECU in El Paso and Secretary of CUNA's board with the reassurance about Congressional support.
“Before we begin please convey to Dan Mica, my good friend and former colleague, that we would never abolish credit unions, irregardless of Mr. Paulson might have recommended,” Frank said.
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