WASHINGTON — Whether the change involves "major surgery" as House Financial Services Committee Chairman Barney Frank promises or the political equivalent of a tummy tuck, the way the government regulates financial services probably won't be the same after Congress and the next president are finished.
The problems of certain banks and credit unions–as evidenced by the wave of mergers and closings–coupled with the tendency of Democrats toward more policing of the marketplace could cause financial institutions to face more oversight.
Frank has said he favors keeping the tax-exempt status of credit unions and having them keep an independent regulator. His Senate counterpart, Banking Committee Chairman Christopher Dodd has been a friend of credit unions but hasn't made the same expressions of support for them as Frank.
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