The American Banker reported on Friday that the head of a credit union in southern California is speaking out against legislation (S 2231) that would allow credit unions to expand their commercial lending authority.
The article notes that there is a silent majority of credit unions that neither want nor need the legislation.
The credit union CEO in a letter to the Senate wrote that the expansion in business lending authority "could easily become the next crisis in the credit union industry, which will require Congress to bailout the industry and its insurance fund."
Read the article (subscription required).
There could easily be a silent majority of credit unions opposed to the new legislation. We will never know though because NAFCU and CUNA would never agree to have a national vote on this important issue. Increasingly, it appears the trade associations are catering to the largest CU's and ignoring the majority.
ReplyDeleteWe need more credit unions stepping up and withdrawing from the league, CUNA and NAFCU. They would save big bucks! And put a strain on these organizations to do what the credit unions want and not what they want.
Deletenow youre talking!
ReplyDeletewhile we're at it,lets hold Congress accountable for NCUA!
CUNA is out for CUNA, not CUs.
Let's just keep it all real. CUNA CEO Bill Cheney is a former WesCorp FCU Director Defendant. Bill also was a Director at U.S. Central FCU. Both Corporate CU's were placed into conservatorship by the NCUA. Bill is now the highest paid CUNA lobbyist. Now Bill appears before the very agency that placed corporate credit unions into conservatorship and here Bill was a Director of these very conserved corporates. Something is wrong. Beyond ridiculous. It is absurd. Bill is irrelevant. He is a legend in his own mind!
ReplyDelete