CUNA President/CEO Dan Mica is scheduled to testify before the Senate Banking Committee tomorrow to discuss how credit unions would like to see any regulatory restructuring affect them.
CUNA has long said that NCUA should remain an independent agency and that credit unions and the NCUSIF should not be lumped together with the banks in the same regulator or insurance fund.
Mica's testimony will come four days after the NCUA placed two of the largest corporate credit unions-US Central and Wescorp-into conversvatorship. It's unclear whether NCUA's actions in this matter, the impact of the actions on the NCUSIF and NCUA's request for additional borrowing authority will come up during either Mica's testimony or during lawmakers' questions.
Recommended For You
NAFCU plans to submit comments to the panel on the subject as well.
The panel has held a series of hearings on regulatory restructuring in anticipation of the Obama administration releasing a proposal later this year. Last Thursday, NCUA Chairman Michael E. Fryzel and NASCUS Chairman George Reynolds both told the panel that NCUA should remain separate.
Tuesday's session begins is scheduled to begin at 10:00 a.m and will be broadcast live at http://banking.senate.gov/public/
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
