Barney Frank (D-Mass), chairman of the House Financial ServicesCommittee, told attendees at CUNA's Governmental Affairs Conferencethat they should celebrate the fact that the pending financialservices reform legislation does not include them at all.

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"We are about to pass, I hope, the most significant overhaul offinancial regulation since the New Deal," Frank said when he spokeon Feb. 24 "And it will have no significant impact on creditunions."

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Frank said they had worked hard to keep the NCUA as anindependent regulator for credit unions and imposing minimal fees."We judged that since you had not been part of the problem, youshould not have to pay for part of the solution," he said.

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He also encouraged the attendees to work hard when lobbyingtheir representatives and senators for their support on efforts toat least raise or remove entirely the cap on credit union businesslending. He noted that a realistic prospect for Senate action, inparticular, would be needed to convince other House members to votefor controversial measures in an election year.

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"Unless there is the prospect of real action in the Senate, itwill be very difficult to convince House members to take vote on acontroversial issue, especially with an election coming inNovember," he said.

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