WASHINGTON–The American Bankers Association has sent a letter to congressional leadership arguing the recent acquisition of a $1.6-billion “taxpaying” bank by VyStar Credit Union is new evidence of a “troubling trend” and a “bad deal for taxpayers,” as well as a growing risk as CU regulatory standards “simply don’t measure up.”
WASHINGTON–In a twist, two bank trade groups are calling on the FDIC to reject the acquisition of a bank by a credit union, arguing the deal would “cut regulatory safeguards for low- and moderate-income consumers.”
ARLINGTON, Va.–In response to statements from the banking industry that a recent credit union acquisition of a billion-dollar bank is indicative of threats to taxpayers and to underserved communities, NAFCU President and CEO Dan Berger sent a letter to congressional leadership saying the American Bankers Association “continues to misrepresent the facts.”
WASHINGTON–NCUA Chairman Todd Harper is among the witnesses scheduled to appear before the full House Committee on Financial Services on Wednesday, and while the issue is not among the hearing agenda items he could find himself answering questions on credit union acquisitions of banks, among other controversial issues.
ALEXANDRIA, Va.—When the NCUA board meets this week it is scheduled to issue a final rule on derivatives and will also receive its quarterly briefing on the National Credit Union Share Insurance Fund (NCUSIF).
WASHINGTON—NCUA should finalize pending rulemakings aimed at providing credit unions regulatory relief as soon as possible, CUNA President/CEO Jim Nussle wrote members of the NCUA board.
ALBANY, N.Y. –Legislation that protects federal stimulus money for individuals and families in New York from levies and restraints and which has the strong support of the state’s credit unions has been signed into law by Gov. Andrew Cuomo. Separately, the Fed has OK’d an extension of a rule change that allows financial institution directors to apply for PPP loans.
NEW YORK–Some of the largest U.S. banks plan to begin sharing data on customers’ deposit accounts as part of a government-backed initiative to extend credit to people who have traditionally lacked opportunities to borrow.
WASHINGTON–Credit unions are going to need to join with other employers for what many analysts are describing as the pending “wage jolt.”
EAST HARTFORD, CONN.—Dean Marchessault, president and CEO of the $2.3-billion American Eagle Financial CU, has announced he plans to retire at year-end. The credit union has named a successor.
