Frank: CU's Not At Fault Posted by AVCU on 11:28 AM

In last Sunday's Washington Post, House Financial Services Committee Chair Barney Frank (D-Mass.) called credit unions "responsible and thoughtful citizens" and that they played no part in the abuses that created the need for the current financial regulatory debate that continues in Congress. "If we only had community banks and credit unions, we wouldn't be in this problem," Frank added, noting that these financial institutions have strength in numbers "because they're in everybody's district." Frank and fellow committee member Carolyn Maloney (D-N.Y.) recently announced legislation what would move up the date that CARD Act provisions go into effect to December, from the previous effective date of February. Frank expects House passage in the very near future. Frank and his House and Senate colleagues also continue to work on financial regulatory reform, which Frank has said could be completed by the end of October.