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.
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