WASHINGTON — One of the credit union industry's champions on Capitol Hill has weighed with apprehension on the parts of the U.S. Treasury Department's related to credit unions and with guarded approval of the other parts.
Representative Paul Kanjoski (D-PA) expressed apprehension about the parts of the Treasury plan that impacted credit unions.
“There is a need to put credit unions on a level playing field with other financial institutions in areas like capital standards and business lending, but it should not come at the expense of eliminating the current regulatory system, which has worked well and serves the financial needs of more than 90 million Americans,” Kanjorski said. “We must preserve and protect the unique cooperative nature of the American credit union system.”
But he also noted with approval that the proposal would create a federal insurance charter and license mortgage originators. He also praised the overall effort as well, noting that in some ways it was long overdue.
“Our capital markets have significantly evolved. After all, no one had conceived of mortgage-backed securities at the time we created the Federal Reserve and the Securities and Exchange Commission,” he observed.
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