CUNA President/CEO Dan Mica wrote President Obama yesterday toexpress the group's appreciation for keeping the NCUA as a separateagency in the administration's regulatory restructuring plan.


He wrote that keeping "NCUA as an independent, yet highlycompetent agency and avoiding a consolidated regulatory scheme thatwould supervise for-profit banks and not-for-profit credit unionsin a similar manner is one of the most significant objectives ofthe credit union system."


Mica also said that the association is "carefully reviewing" theproposal for a new agency to regulate financial service products.He expressed optimism that they can find ways for the new agency to"simplify regulatory requirements that interfere with creditunions' capabilities to serve their members."


He contrasted CUNA's position with that of other financialservice trade associations that have already come out against thenew agency. He did not mention any groups by name, but oneorganization that has already expressed opposition to the newagency is the American Bankers Association.

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