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ABA Statement on NCUA’s Planned Rule on Supplemental Capital for Credit Unions Print E-mail
Thursday, 25 June 2015

Frank Keating, The American Bankers Association (ABA) president and CEO, says:

“We are profoundly disappointed that the National Credit Union Administration has again displayed a desire to act as a cheerleader for the industry it is charged with supervising.  After the credit union industry lobby failed to get supplemental capital authorized by Congress, NCUA is now apparently prepared to do it anyway.

  “Coming just a week after the agency took it upon itself to propose rules that would make it easier for credit unions to make risky business loans, it’s obvious NCUA is happy to move credit unions away from their statutory mission to serve consumers of modest means, whether or not Congress has given the agency appropriate authority.

“Congress should be on full alert and be very concerned about NCUA's actions.  We must remember that as the tax exempt credit union industry seeks to expand, it does so at the expense of all taxpayers. Taxpayers should not be responsible for subsidizing the growth of the $1 trillion credit union industry.”

(Source - ABA News Release)



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