During yesterday's House Subcommittee on Financial Institutions and Consumer hearing, witness George Reynolds, senior deputy commissioner of the Georgia Department of Banking and Finance, had supportive words for his state's corporate, the $2 billion Georgia Central Credit Union.
Reynolds stressed to lawmakers that corporate investment strategies vary, touting the Duluth, Ga.-based corporate's relatively conservative approach. Reynolds advocated for the institution a second time during the hearings, saying "members have the right to determine [Georgia Central's] future."
Georgia Central President/CEO Greg Moore said he was "gratified" by Reynolds' kudos, saying his corporate doesn't own private label asset-backed securities. He added the kind words reflect "our efforts to keep the Georgia Department of Banking and Finance, as well as our member credit unions, well-informed."
He also said he agrees it's important to educate Congress about corporates, so lawmakers won't "entertain the misperception that more corporates will likely be taken into conservatorship, or that additional losses are likely."
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