HARRISBURG, Pa. — In line with CUNA, state credit union leagues Monday were quick to join in attacking the Bush Administration's proposed regulatory overhaul effectively eliminating NCUA and placing CUs under a single bank regulator.

In its Monday “Life is a Highway” e-mail newsletter, the Pennsylvania Credit Union Association said it would be contacting “each member of our Congressional delegation in the very near future to express our concerns.”

“It is our opinion that the credit union charter remains the most consumer-friendly option in the marketplace, and any regulatory structure change that would put the credit union charter in jeopardy would be detrimental to the consumers of Pennsylvania, as well as the rest of the country,” wrote James McCormack, president/CEO of PCUA.

The concept of a “prudential financial regulator,” said McCormack, “would mean the loss of our independent regulator” with credit unions “being overseen by a banking regulator and treated as banks, and ultimately the demise of credit unions as we know them today.”