WASHINGTON—Ahead of a House Financial Services subcommittee meeting to explore astroturfing in financial practices –the term used to describe the practice of attempting to advance an anti-consumer agenda under the guise of grassroots efforts – NAFCU Vice President of Legislative Affairs Brad Thaler sent a letter flagging how credit unions have been affected by such actions.
"Last year, NAFCU wrote to the Subcommittee regarding a Credit Union Times report that the American Bankers Association (ABA) was the secret owner of an anonymous anti-credit union website that posted misinformation about the credit union industry," Thaler wrote. "This website existed with an anonymous owner for nearly a year. When it was finally linked to the American Bankers Association, the website was taken down and removed (later returning with recognition of ABA's ownership).
"This is a prime example of astroturfing that big banks are willing to attempt in an effort to advance an anti-consumer and anti-credit union agenda," Thaler added.
Thaler also called on the subcommittee to further investigate big banks' “abuses against consumers.”