Banking Industry Leaders Question CU Tax Exemption in Interviews This Week
Banker Harris Simmons, chairman, president and CEO of Zions Bancorp, called for an end to the tax exemption for large credit unions on an American Banker podcast this week.
Browsing: Credit unions
NCUA’s Harper Says Agency Not as Rigorous on Consumer Compliance
The National Credit Union Administration’s current method of examining and enforcing consumer protection laws and regulations for institutions with less than $10 billion in assets is “not comparable to our sister agencies,” NCUA Board Member Todd Harper said in a Washington speech yesterday.
As NCUA Contemplates Rulemaking, Bankers Raise Concerns about CUs Buying Banks
The National Credit Union Administration will propose a rule clarifying credit unions’ responsibilities when acquiring banks, NCUA Chairman Rodney Hood signaled in an interview with the Wall Street Journal reported today.
Appellate Court Issues Mixed Decision in CU Field of Membership Appeal
A three-judge panel of the D.C. Circuit Court of Appeals today upheld much of the National Credit Union Administration’s 2016 field of membership rule, which further expanded the already loose fields from which federal credit unions can draw their customers.
Stewart Op-Ed Tackles ‘Troubling Trend’ of Credit Unions Buying Banks
The accelerating trend of credit unions acquiring banks “means fewer businesses contributing to the tax base supporting our communities,” wrote ABA Chair-Elect Laurie Stewart in a Puget Sound Business Journal op-ed today.
State Associations Call for Increased Credit Union Oversight
A group of 51 state bankers associations wrote to congressional leaders today calling for a review of the credit union industry to determine whether it is living up to its statutory mission of serving people of “small means.”
ABA Urges NCUA to Withdraw ‘Ill-Advised’ Non-Member Deposit Proposal
ABA today urged the National Credit Union Administration to withdraw a proposed rule that would allow federal credit unions to have up to 50% of their deposits come from other credit unions and government entities, up from a 20% cap today.
ABA Urges NCUA to Implement RBC Rules without Delay
In a letter to the National Credit Union Administration board Friday, ABA expressed grave concern over NCUA’s recent vote to delay for a second time the required implementation of the 2015 risk-based capital rules.
Illinois Bankers Association Calls on Lawmakers to Revisit CU Tax Exemption
Large, corporate credit unions that are effectively operating as tax-free banks are endangering the traditional community bank model and doing harm to local communities, according to an Illinois Bankers Association op-ed published in The State Journal Register earlier this month.
NCUA Appraisal Action Creates Inconsistent Regulatory Standard
By a two-to-one vote, the National Credit Union Administration board today finalized a controversial proposal to raise the threshold at which credit unions must obtain appraisals for commercial real estate transactions from $250,000 to $1 million.