In a letter to congressional leadership today, ABA and the Independent Community Bankers of America spoke out against the National Credit Union Administration’s proposal to loosen its field of membership restrictions.
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In a letter to the National Credit Union Administration today, ABA said that the Seaford, Del.-based Sussex County Federal Credit Union must stop its “abusive field of membership practices” that allow individuals who are otherwise ineligible for membership to join through the credit union’s foundation.
The National Credit Union Administration voted today to expand the already loose fields of membership from which federal credit unions can draw their customers, further erasing the distinctions between credit unions and banks.
As the National Credit Union Administration prepares to vote tomorrow on a proposal that would substantially loosen credit unions’ field of membership limitations, ABA urged NCUA to stand up the credit union lobby and follow the law.
General Motors’ $750 discount for credit union members buying a new Chevrolet, Buick or GMC car should be extended to bank customers as well, incoming ABA president and CEO Rob Nichols said in a letter to GM CEO Mary Barra today.
Many credit unions have not filed any Bank Secrecy Act-mandated Suspicious Activity Reports or Currency Transaction Reports for the past two years, Financial Crimes Enforcement Network Director Jennifer Shasky Calvery told a credit union group yesterday.
ABA today voiced its opposition to a bill, introduced yesterday by Sens. Rand Paul (R-Ky.), Sheldon Whitehouse (D-R.I.) and Jack Reed (D-R.I.) that would raise the member business-lending cap for certain credit unions from 12.25 percent to 27.5 percent of total assets.
ABA today registered its opposition to the National Credit Union Administration’s aggressive proposal to expand business lending by credit unions
The National Credit Union Administration is a “captured regulatory agency,” as evidenced by the credit union industry’s attempt to have NCUA “end run” limits on business loans imposed by Congress, the Washington Times said in a Sunday editorial.