News

WASHINGTON -- CUNA President Dan Mica told lawmakers last week that placing credit unions under the same regulator as banks would be like "having a chicken being put into the fox lair."

Sometimes even the best circumstances bring challenges.

Robert Manning, keynote speaker at the NCUA's recent Risk Mitigation Summit, said he's been working with the agency to create an opinion letter on his responsible debt relief algorithm so credit unions can implement it.

House Financial Services Committee Chairman Barney Frank cited comments from Britain's top regulator to back up his own belief in the need for stronger regulation of financial services.

The NCUA plans to announce that it won't "take exception" if a credit unions gets a written opinion from its accountant allowing it to delay the recording of expenses for additional premiums.

A verbal attack by the Washington Credit Union League on PIMCO for an alleged conflict of interest and insider role in connection with the failed US Central FCU and WesCorp FCU, continues to "draw industry support," the head of the league said.