CUNA President/CEO Dan Mica said today that Treasury Secretary Timothy Geithner expressed understanding for credit unions’ concerns about facing additional regulatory burden under the administration’s plan to revamp the regulation of financial services.
“He didn’t say they would repeal this or that if they added another regulation but he was responsive when we told him that credit unions see things in the plan that raised eyebrows,” Mica said of Geithner during an interview with Credit Union Times, following a meeting he had earlier today with Geithner.
Mica said Geithner emphasized that the proposed new agency to regulate financial products would streamline and consolidate certain regulations, such as the Truth In Lending Act and the Real Estate Settlement and Procedures Act. But Mica said CUNA is still withholding judgment until the legislative process moves further along.
“We told him we will negotiate in good faith but want the final product to be mutually acceptable and good for credit unions,” Mica said.
The administration unveiled its regulatory proposal two weeks ago and Congress has begun reviewing it and the Obama administration has said it hopes a final bill will be completed by the end of the year.