WASHINGTON -- Treasury Secretary Henry Paulson announced this morning the department's blueprint for financial regulatory reform, which ostensibly would eliminate the NCUA, bringing credit unions under banking regulatory oversight. The Office of Thrift Supervision may also be eliminated, should the blueprint be adopted.
But Paulson stressed that the blueprint "would not be initiated until the current market turmoil subsides," making any action under the Bush administration unlikely during the remainder of its term. CUNA has already denounced the plan.
In his speech this morning, Paulson said that regulatory oversight needs to be "more appropriate for the current market," citing the numerous number of agencies (both federal and state) that oversee banking, securities and insurance products and services.
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