Barney Frank (D-Mass), chairman of the House Financial Services Committee, told attendees at CUNA's Governmental Affairs Conference that they should celebrate the fact that the pending financial services reform legislation does not include them at all.
"We are about to pass, I hope, the most significant overhaul of financial regulation since the New Deal," Frank said when he spoke on Feb. 24 "And it will have no significant impact on credit unions."
Frank said they had worked hard to keep the NCUA as an independent regulator for credit unions and imposing minimal fees. "We judged that since you had not been part of the problem, you should not have to pay for part of the solution," he said.
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