FEDERAL WAY, Wash. -- Joining CUNA's hard-line campaign todefeat the Treasury's regulatory reorganization plan, the head ofthe Washington Credit Union League Friday called the package"inexcusable" and badly flawed but finds there are positives and CUopportunities since "re-regulation is inevitable."
Like other state league president/CEOs, John Annaloro of the130-member CU Washington group fired off stern opposition lettersthis week to Treasury Secretary Henry Paulson but also said the"Blueprint" draft, once fixed, "potentially offers a vastly moreinteresting CU future."
That's because CUs "could then have all the powers of nationalbanks and full business lending powers, no FOM restrictions unlessself-imposed in the board room, and lower capital standards."
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