WASHINGTON — The strength of the credit union lobby in Washington was recognized last week during a brief exchange at a Senate Banking Committee hearing.
The hearing further offered reassurances to credit unions that the NCUA will not be swept up in some super-regulator, as is being called for by some as part of an effort to reform supervision of financial institutions. Committee Chairman Christopher Dodd (D-CT) stated during the hearing, "I want to make it clear that this does not relate to credit unions. Before I get calls from around the country, I wanted to make that point. Credit unions: you are OK."
That led to an observation from Sen. Bob Corker (R-TN), "You have just given evidence to where the real political clout is."
Rep. Barney Frank (D-MA), chair of the House Financial Services Committee, had earlier indicated he also opposes any plan to sweep NCUA up into such a unified financial regulator.
