FEDERAL WAY, Wash. -- Joining CUNA's hard-line campaign to defeat the Treasury's regulatory reorganization plan, the head of the Washington Credit Union League Friday called the package "inexcusable" and badly flawed but finds there are positives and CU opportunities since "re-regulation is inevitable."
Like other state league president/CEOs, John Annaloro of the 130-member CU Washington group fired off stern opposition letters this week to Treasury Secretary Henry Paulson but also said the "Blueprint" draft, once fixed, "potentially offers a vastly more interesting CU future."
That's because CUs "could then have all the powers of national banks and full business lending powers, no FOM restrictions unless self-imposed in the board room, and lower capital standards."
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