Mica Blasts Regulator's Comments About CUs

WASHINGTON - CUNA CEO Dan Mica that a bank regulator should be "ashamed" for the comments he made last week.

Mica's reference was to Office of Thrift Supervision Director John Reich, who in remarks before the Louisiana Bankers Association said credit unions, along with the cooperative Farm Credit System, both represent "unfair competition" to banks due to "artificial government-sponsored economic advantages." "Shame on the banks for trying to add taxes for credit unions," said Mica. "And yet the banks do this while they are on Capitol Hill-right now and every day-seeking tax breaks for their businesses that rake in record profits year after year. Their regulator should also be ashamed for blatantly backing up their greedy stance."