NCRC: Expand CRA to Cover Credit Unions, Other Nonbanks
The Community Reinvestment Act should be expanded to cover credit unions, other nonbank lenders and insurers, according to the National Community Reinvestment Coalition.
Browsing: Credit unions
National Taxpayers Union Calls for Broad Credit Union Industry Reforms
In a letter to House Financial Services Committee and Senate Banking Committee leaders today, the nonpartisan National Taxpayers Union expressed concerns about the credit union industry’s recent push to increase the member business lending cap.
ABA Condemns NCUA’s Subordinated Debt Proposal
In a comment letter to the National Credit Union Administration on Wednesday, the American Bankers Association called for the withdrawal of a proposal that would allow large credit unions to issue subordinated debt for regulatory capital purposes from outside for-profit investors—such as corporate debt markets—while maintaining their tax-exempt status.
ABA Chair Stewart ‘Deeply Concerned’ About Credit Union Field of Membership Expansion
The Supreme Court’s recent denial of the American Bankers Association’s appeal in a case challenging the National Credit Union Administration’s 2016 field of membership rule “is another unfortunate step toward America’s credit unions becoming nothing more than banks that refuse to pay federal income taxes,” ABA Chair Laurie Stewart said today.
Financial Trades Call for Equal Treatment of Banks, CUs on Military Bases
In a letter to House and Senate Armed Services Committee leaders today, the American Bankers Association, the Association of Military Banks of America and the Independent Community Bankers of America called for the equal treatment of banks and credit unions operating on military bases.
ABA, AMBA CEOs Call for Equal Treatment of Banks, Credit Unions on Military Bases
In an American Banker op-ed today, American Bankers Association President and CEO Rob Nichols and Association of Military Banks of America President and CEO Steve Lepper condemned a recent move by the National Credit Union Administration to designate all active-duty personnel as low income.
ABA Voices Strong Opposition to CU Bank Acquisition Proposal
In a letter to the National Credit Union Administration today, ABA vigorously opposed a proposal that would formalize a process for credit unions to purchase taxpaying banks, a practice “growing at an alarming rate” in recent years.
State Associations Reject CU Calls for Expanded Member Business Lending Cap
In a letter to congressional leaders today, 51 state bankers associations flagged “opportunistic and unnecessary” attempts by the credit union industry to seek charter enhancements—such as expansion of the member business lending cap—during the coronavirus pandemic.
ABA Appeals Credit Union Field of Membership Case to Supreme Court
ABA this week petitioned the U.S. Supreme Court to review a lower court ruling in the association’s challenge of the National Credit Union Administration’s 2016 field of membership rule.
Iowa Bank Regulator Settles with Bank Over Blocked Sale to Credit Union
After last week blocking the sale of First American Bank’s remaining Iowa-based assets and branches to a credit union, the Iowa Division of Banking has settled with the bank and approved its application to sell substantially all of its assets and liabilities to the credit union and go out of business as a bank.