NEWPORT BEACH, Calif. — Taking strong issue with the Treasury Department’s controversial financial regulatory reform proposal, NACUSO has announced a “call to arms.”

Among other provisions, the proposal aims to reorganize the supervision of the financial services industry and create a single financial institution charter with one set of regulations that could potentially eliminate the credit union charter.

Dennis Dollar, NACUSO’s retained regulatory adviser, and Guy Messick, NACUSO general counsel, will discuss the proposal and what credit unions and CUSOs can do in response at a newly added session at NACUSO’s annual conference April 27-30 at the Wynn in Las Vegas.

“This is a time to gather as an industry to collectively act to preserve credit unions for this and future generations, NACUSO said. “Ben Franklin said to the representatives of the thirteen colonies at the time the Declaration of Independence was signed, ‘We must all hang together because if we do not, we will surely hang separately.’ We invite you to hang together with us as we collectively fight this new threat.”

–msamaad@cutimes.com