Frank: CUs not to blame for crisis
WASHINGTON (10/22/08)—As he opened yesterday’s hearing on financial regulatory oversight in light of the country’s economic upheaval, House Financial Services Committee Chairman Barney Frank (D-Mass.) noted that credit unions “have absolutely no responsibility” for creating the current economic crisis.
He said they deserve to be recognized for it.
From there, the hearing went on for five hours to take a broad look at regulatory issues that broached the span of topics from the creation of the mortgage and housing crisis, the proper regulatory structure for the country’s financial institutions, the mortgage securitization process, and much, much more.
The hearing was a continuation of an investigation begun by the committee in July, when the panel conducted two hearings focused on regulatory restructuring and systemic risk, during which the committee heard from regulators.