Frank Announces Plans to Retire, Will Not Seek Reelection

Rep. Barney Frank, D-Mass., announced Monday that he will not seek reelection in November. One of the key architects of the Dodd-Frank Financial Regulatory Reform Act, Credit Union National Association (CUNA) President and CEO Bill Cheney described Frank as having been “a friend to credit unions.”

“At times over the years, Congressman Frank has alternately been a benevolent uncle and a frustration to the credit union movement,” said Northwest Credit Union Association Senior Vice President and General Counsel Stacy Augustine. “What can never be questioned is Frank’s passion for his job.”

Frank served 16 terms in Congress and is the former chair and current ranking member of the House Financial Services Committee. The Dodd-Frank Act—the broadest, most significant financial reform package in years—took effect during his tenure as chairman.

Frank was responsible for including language in the bill that exempted small institutions, including credit unions under $10 billion, from Consumer Financial Protection Bureau oversight.

Frank said a number of times that if all financial institutions had behaved as credit unions did, the financial crisis could have been avoided.

“He used his position during the most difficult economic times in generations to ensure that credit unions were not adversely affected by the reforms aimed at the large for-profit financial companies that caused the financial crisis,” Cheney said.

The 71-year-old legislator was also instrumental in the enactment of the Temporary Corporate Credit Union Stabilization Act, the CARD Act fix, and also recently worked to address credit union concerns regarding interchange regulations. He said Monday that he had long planned to retire around this time.


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Posted in Federal.