WASHINGTON—Bankers are targeting NCUA’s proposed changes to its field of membership rules and they are attacking on several fronts, CUNA reports.
The American Bankers Association and Independent Community Bankers Association have undertaken a multi-prong approach that includes as many as 500 bankers' letters already being sent to NCUA.
“The number will only grow. Bank groups are also trying to commandeer the conversation regarding credit union regulation on Capitol Hill with letters to key members of the U.S. Congress,” CUNA stated.
CUNA said it has identified the factual inaccuracies in the bankers' message to Congress and will expose "their disturbing perspective that Americans should have less access to affordable financial services,"
CUNA Chief Advocacy Officer Ryan Donovan said it is credit union letters that will be most responsible for moving this proposal forward.
"Every credit union should rally and be heard from before the comment period on this important proposal ends Feb. 8," Donovan urged. “We always knew the bankers would try to influence the comment process, and their activity serves as an important reminder that we need to continue to make our voice heard. These letters are crucial to moving NCUA's positive changes across the finish line."