Browsing: Credit unions

Newsbytes

In an American Banker op-ed today, former National Credit Union Administration Chairman Mark McWatters expressed concern that the agency has become “inappropriately emboldened” and said that “the agency may have abandoned . . . its congressional mandate to stay clearly within the four corners of the Federal Credit Union Act.”

Newsbytes

In a move strongly condemned by ABA, the National Credit Union Administration today approved a final rule that would allow large credit unions to issue subordinated debt for regulatory capital purposes from outside for-profit investors—such as corporate debt markets—while maintaining their tax-exempt status.

Newsbytes

A move by the National Credit Union Administration to allow large credit unions to issue subordinated debt for regulatory capital purposes from outside for-profit investors—such as corporate debt markets—while retaining their tax exemption would undermine the statutory principle that credit unions should serve consumers of small means, American Bankers Association President and CEO Rob Nichols wrote in an American Banker op-ed today.

Legal

In a comment letter to the National Credit Union Administration on Wednesday, the American Bankers Association called for the withdrawal of a proposal that would allow large credit unions to issue subordinated debt for regulatory capital purposes from outside for-profit investors—such as corporate debt markets—while maintaining their tax-exempt status.

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