Any sincere effort to improve financial inclusion through credit unions must include comparable mechanisms to ensure accountability, the banking groups said.
Ahead of a markup in the House Financial Services Committee, ABA and 51 state bankers associations urged lawmakers to oppose a bill, H.R. 7003, that would allow credit unions to expand their membership and business lending capacity—the credit union industry’s latest attempt at charter enhancement.
After 22 years at ABA, the association’s top lobbyist James Ballentine will soon retire. In this special episode of the ABA Banking Journal Podcast, Ballentine reflects on lessons learned during his career in Washington and shares tips both on effective banking advocacy and on promoting diversity and inclusion in banking.
Fifty-one state bankers associations wrote to lawmakers opposing the credit union industry’s “unnecessary” charter enhancement efforts as part of The Expanding Financial Access for Underserved Communities Act.
The Minnesota Department of Commerce has blocked the acquisition of Lake Area Bank—a state chartered bank—by Royal Credit Union.
Under a new law signed by Mississippi Gov. Tate Reeves, only FDIC-insured banks can acquire or merge with Mississippi-chartered state banks.
The American Bankers Association wrote today in opposition of the credit union industry’s latest attempt at charter enhancement.
As the credit union industry lobbies Congress this week, the American Bankers Association today urged all members of the House and Senate to question the tax-exempt status of the $2 trillion industry.
National Credit Union Administration Chairman Todd Harper today made the case that consumer financial protection standards at credit unions should match those adhered to by the nation’s banks.
The National Credit Union Administration on Thursday unanimously approved—with changes—a final rule expanding field of membership requirements for multiple common bond federal credit unions.