WASHINGTON — Credit unions bear “absolutely no responsibility [for the current problems in the housing market] and are entitled to be recognized for that” House Financial Services Committee Chairman Barney Frank said today.
Frank (D-Mass.) made his comments in response to comments by Rep. Paul Kanjorski (D-Pa.) when Kanjorski placed letters from NAFCU and NASCUS on regulatory reform into the record of today's hearing.
The House Financial Services Committee is hearing from economists and representatives of the financial services industry to get input on ways to improve the way the government regulates that sector of the economy.
Representatives of the credit union industry were not invited to testify at the session but NAFCU and NASCUS sent letters expressing their views.
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