CUNA President/CEO Dan Mica wrote President Obama yesterday to express the group's appreciation for keeping the NCUA as a separate agency in the administration's regulatory restructuring plan.
He wrote that keeping "NCUA as an independent, yet highly competent agency and avoiding a consolidated regulatory scheme that would supervise for-profit banks and not-for-profit credit unions in a similar manner is one of the most significant objectives of the credit union system."
Mica also said that the association is "carefully reviewing" the proposal for a new agency to regulate financial service products. He expressed optimism that they can find ways for the new agency to "simplify regulatory requirements that interfere with credit unions' capabilities to serve their members."
He contrasted CUNA's position with that of other financial service trade associations that have already come out against the new agency. He did not mention any groups by name, but one organization that has already expressed opposition to the new agency is the American Bankers Association.
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