ARLINGTON, Va.—NAFCU has sent a letter to Senate leaders asserting that the American Bankers Association and the Independent Community Bankers of America are attacking efforts to provide regulatory relief for credit unions.
In response to a recent letter to the Senate from the ABA and ICBA, NAFCU president and CEO Dan Berger asserted that the banking trade groups misrepresent NCUA’s recently proposed updates to their Field of Membership rules for credit unions.
"NAFCU is disappointed that the ABA and ICBA have chosen to attack efforts at regulatory relief for credit unions and their 101-million members,” said Berger. “Perhaps the banking trade associations should have paid this much attention to their own members and actions prior to the financial crisis. If so, maybe their members would not have been the main users of TARP bailout funds and had over $100 billion in fines, settlements and buy-backs stemming from the financial crisis.
"NAFCU continues to hear from our members that NCUA’s current FOM rules and regulations unnecessarily inhibit their ability to serve their communities,” continued Berger. “Additionally, NAFCU members believe that the federal credit union charter must keep pace with changes in state laws, technology, and the progressiveness of the financial services industry. NCUA is well within its statutory authority in this effort to streamline its chartering and FOM procedures, as well as removing non-statutory constraints on FOM chartering and expansion.”