June 22, 2009

Message from the National President

Dear OCC Employees,

President Obama last week unveiled a financial regulatory reform proposal aimed at addressing the current economic crisis and preventing future downturns. The plan would give most NTEU-represented financial regulatory agencies more supervisory and regulatory authority. Among other steps, it would create a new Consumer Financial Protection Agency to safeguard consumers in credit, savings and payment markets. It would also merge the Office of Thrift Supervision (OTS) and the Office of the Comptroller of the Currency (OCC) into a new National Bank Supervisor.

NTEU has been briefed on the president’s plan and I believe it has the potential to better equip federal agencies to protect American consumers and investors. While President Obama continues work to finalize legislative language, NTEU has already been working with key congressional leaders in both the House and Senate to ensure that employees have a say in how the new financial regulatory landscape should look. We have told key members of Congress that the final bill must include the right for OCC employees to bargain over pay and benefits, as most of their counterparts in other FIRREA agencies are already permitted to do.

I have also asked for a detailed briefing on the proposed structure, duties and personnel of the new Consumer Financial Protection Agency. While creation of this agency has been asked for by some pro-consumer organizations, many NTEU members at existing agencies already perform important consumer protection work. It would not benefit consumers to lose this expertise due to reorganizations or involuntary transfers. At this critical time, NTEU will continue to work with the administration and members of Congress to ensure the expertise of these employees is put to work for our country and to protect the jobs of the NTEU-represented employees who perform these functions, and their rights and benefits. We will also seek more information on the merger of the OTS and OCC into a new National Bank Supervisor and its impact on OCC employees.

Treasury Secretary Tim Geithner has outlined the president’s plan for members of the Senate Banking Committee and House Financial Services Committee. The bill is expected to be marked up in July and on the House floor in September, while the Senate Banking Committee will likely take it up after Labor Day. As the legislation moves through Congress, I will continue to keep you updated on its progress and NTEU’s work to see that the final language reflects your ideas and input.

Thank you for your ongoing work restoring confidence in America’s markets and bringing stability to our economy. 

Colleen M. Kelley