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.
National Credit Union Administration Chairman Debbie Matz today said that her agency would this fall issue a supplemental rule for risk-based capital that would count certain forms of debt — for example, subordinated debt issued to CU members and non-members — toward the risk-based capital ratio. “This is the year of regulatory relief,” she said. “As part of modernizing risk-based capital, I am committed to counting supplemental capital in full.”
The National Credit Union Administration Thursday proposed substantial changes to its member business lending regulations. Among other things, NCUA proposed to exempt participations in loans to non-members from the MBL cap. It also proposed to eliminate explicit loan-to-value requirements, aggregate limits on construction and development loans, as well as the requirement of a personal guarantee.
Seizing on the news that Golden 1 Credit Union has purchased the naming rights to a new sports arena in Sacramento, California Bankers Association President and CEO Rodney Brown penned an op-ed — published Wednesday in the Sacramento Bee — challenging the credit union industry’s outdated tax exemption.
ABA President and CEO Frank Keating yesterday expressed the association’s strong opposition to efforts by the Credit Union National Association to ease further the already-loose field of membership requirements that ensure credit unions remain dedicated to serving people with meaningful common bonds.
ABA and the Independent Community Bankers of America wrote to the House Appropriations Committee on Friday opposing the use of the congressional spending process as a back door for a credit union-backed provision to further expand their member business lending privileges.
Many credit unions are functionally no different from banks and the time has come for them to pay taxes, Florida Bankers Association President and CEO Alex Sanchez said in a Wall Street Journal op-ed yesterday.
Bill Brooks, a certified financial planner with CU Prosper, wrote in the Credit Union Times questioning whether credit unions are achieving their mission.
Following the NFL’s decision to give up its tax-exempt status, Frank Keating calls on Congress to examine another outrageous tax exemption.