Credit unions considering converting to federal mutual bank charters may soon lose the regulator which has heretofore welcomed them.
In his frequently salty manner Rep. Barney Frank (D-Ma.), Chairman of the House Financial Services Committee called for the Office of Thrift Supervision, the federal regulator for mutual banks, to be abolished.
"We are going to abolish, I hope, the Office of Thrift Supervision," Frank said on Bloomberg television today. "AIG and some others that were theoretically regulated by the OTS, that was like being regulated by the meter maid," he said.
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