ICBA and other groups called on Congress to hold an oversight hearing on troubling National Credit Union Administration rulemaking activity.
Rulemakings: The joint letter on behalf of banks and community groups cites NCUA rulemakings to:
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Expand payday and other forms of lending by credit union service organizations.
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Allow national expansion of fields of membership, amplifying the need for credit unions to be covered by the Community Reinvestment Act.
Legal Questions: The letter also:
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Notes that current NCUA Democratic Chairman Todd Harper and former Republican Chairman Mark McWatters have raised questions about whether the efforts are legal.
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Questions the process in which two board members have usurped control of the agency’s staff and board agendas from the chairman.
More: ICBA recently ran a USA Today ad campaign encouraging Congress to investigate credit unions’ tax exemption and acquisitions of community banks. More information is on ICBA’s Wake Up page.
