WASHINGTON — Credit unions have a good friend in a very high place on Capitol Hill, and that could come in handy during the upcoming debate on overhauling financial services regulation.
House Financial Services Committee Chairman Barney Frank (D-Mass.) said at last Tuesday's hearing on the subject that credit unions bear "absolutely no responsibility [for the current problems in the housing market] and are entitled to be recognized for that."
Frank's remarks were in response to comments by Rep. Paul Kanjorski (D-Pa.) when Kanjorski placed letters from NAFCU and NASCUS on regulatory reform into the record for last Tuesday's panel; CUNA submitted a letter later in the day.
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