WASHINGTON – While the details need to be worked out, Congress is likely to approve President Obama's plan to create a new agency to regulate consumer financial products, Rep. Paul Kanjorski (D-Pa.) said today at NAFCU's Congressional Caucus.
He said the overall changes that Congress approves will likely "stabilize the financial services industry" and also assured attendees that credit unions won't be placed under the same regulator as the banks.
Kanjorski urged attendees to tell members of Congress about the work that credit unions do to help the underserved so lawmakers will be less inclined to pass legislation extending the Community Reinvestment Act to include credit unions.
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