WASHINGTON — Treasury Secretary Henry Paulson finds the British, single financial regulator model appealing but industry figures have argued otherwise.

CUNA and NAFCU each stated that credit unions are best regulated by a separate and independent regulator. “As cooperative, not-for-profit organizations, credit unions are unlike other financial depository institutions,” NAFCU wrote in its comment letter. “Thus, NAFCU believes that it is imperative that credit unions are appropriately regulated by an independent agency that recognizes and understands the unique nature of the credit union industry.”

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