The National Credit Union Administration received a record 3,086 comment letters on its proposed rule to expand member business lending, the agency said this week. Bankers responding to ABA’s call to action helped ensure that the majority of those letters – 2,759, according to NCUA – were opposed to the proposal.
“This response makes a powerful statement. It shows that NCUA has gone too far, and bankers won’t stand for it,” said ABA President and CEO Frank Keating. “We will make sure Congress is aware of this outpouring of opposition as we encourage lawmakers to exercise more oversight of an agency that seems to have lost sight of its mission.”