Banker Harris Simmons, chairman, president and CEO of Zions Bancorp, called for an end to the tax exemption for large credit unions on an American Banker podcast this week.
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The National Credit Union Administration’s current method of examining and enforcing consumer protection laws and regulations for institutions with less than $10 billion in assets is “not comparable to our sister agencies,” NCUA Board Member Todd Harper said in a Washington speech yesterday.
The National Credit Union Administration will propose a rule clarifying credit unions’ responsibilities when acquiring banks, NCUA Chairman Rodney Hood signaled in an interview with the Wall Street Journal reported today.
A three-judge panel of the D.C. Circuit Court of Appeals today upheld much of the National Credit Union Administration’s 2016 field of membership rule, which further expanded the already loose fields from which federal credit unions can draw their customers.
The accelerating trend of credit unions acquiring banks “means fewer businesses contributing to the tax base supporting our communities,” wrote ABA Chair-Elect Laurie Stewart in a Puget Sound Business Journal op-ed today.
A group of 51 state bankers associations wrote to congressional leaders today calling for a review of the credit union industry to determine whether it is living up to its statutory mission of serving people of “small means.”
ABA today urged the National Credit Union Administration to withdraw a proposed rule that would allow federal credit unions to have up to 50% of their deposits come from other credit unions and government entities, up from a 20% cap today.
In a letter to the National Credit Union Administration board Friday, ABA expressed grave concern over NCUA’s recent vote to delay for a second time the required implementation of the 2015 risk-based capital rules.
Large, corporate credit unions that are effectively operating as tax-free banks are endangering the traditional community bank model and doing harm to local communities, according to an Illinois Bankers Association op-ed published in The State Journal Register earlier this month.
By a two-to-one vote, the National Credit Union Administration board today finalized a controversial proposal to raise the threshold at which credit unions must obtain appraisals for commercial real estate transactions from $250,000 to $1 million.