As credit union officials hit Capitol Hill this week for an annual lobbying event, ABA today sent a letter to members of Congress that provides background information on several recent actions that would expand the scope and scale of credit unions and relevant questions for them to ask the visiting CU officials and lobbyists.
The National Credit Union Administration is primed to answer “yes” to credit union industry requests, according to agency chairman Debbie Matz, who was speaking at a credit union lobbying event today.
The National Credit Union Administration board today voted to finalize significantly looser limits on business lending by credit unions. Among other things, the final rule exempts participations in loans to non-members from the statutory 12.25 percent member business lending cap.
In its proposed 2017 budget released yesterday, the White House Office of Management and Budget pegged the credit union tax exemption at $26.8 billion over 10 years.
Proposed regulations from the National Credit Union Administration would render the concept of a common bond between credit union members meaningless, ABA said in a comment letter filed today. NCUA has proposed to expand the already loose fields of membership from which federal credit unions can draw their customers.
A new study released today by the Missouri Bankers Association found that the state and local economies would suffer significant losses if banks were to halt agriculture and commercial lending efforts.
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.
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.