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.
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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.
The National Credit Union Administration received a record 3,086 comment letters on its proposed rule to expand member business lending, the agency said this week. Bankers responding to ABA’s call to action helped ensure that the majority of those letters – 2,759, according to NCUA – were opposed to the proposal. “This response makes a
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.
Continuing the banking industry’s press against overreach by the National Credit Union Administration, the 53 state bankers associations today wrote to Congress urging them to further investigate NCUA and its efforts to subvert congressional intent.
ABA President and CEO Frank Keating kept up the pressure on the National Credit Union Administration and the credit union industry with an op-ed today in The Hill noting that — in addition to being exempt from taxes — credit unions enjoy a “compliant federal regulator that often acts like a cheerleader for the industry it is supposed to be supervising.”
National Credit Union Administration Chairman Debbie Matz will appear before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit tomorrow — her first appearance before Congress since 2011 — and ABA urged House members to hold NCUA accountable for its efforts to subvert congressional intent.