Mica Testifying at Senate Banking Committee Hearing

From CUNA News Now 3/24/09:

WASHINGTON (3/24/09)—Credit Union National Association (CUNA) President/CEO Dan Mica is scheduled to testify today before the Senate Banking Committee during its second hearing this year on modernizing financial institution supervision.

Mica will state the credit union case that a separate federal regulator is an imperative for credit unions because their structure and, in some ways, operations are so distinct from banks and thrifts.

Mica will be seated on a panel of witnesses comprised of credit union, bank, and consumer group representatives.

This hearing follows by less than a week the committee's opening session on the issues. Last week, financial institution regulators, including National Credit Union Administration (NCUA) Chairman Michael Fryzel, testified.

Fryzel told the banking panel that credit unions deserve and require a separate regulator because they are fundamentally different in structure and operation than other types of financial institutions.