Friday, January 16, 2015

Correction: CU President Denies that NCUA Forced It to Close Gun Dealer's Bank Account

On Wednesday, I reported that a gun dealer had its bank account closed by a credit union. The story reported that NCUA examiners forced the credit union to close the account.

However, new details have surfaced showing that NCUA did not force the account to be closed.

The President of Heritage Credit Union is denying that the National Credit Union Administration forced it to shut down a Wisconsin gun dealer’s bank account.

“The NCUA did not force us to shut down the bank account of Hawkins Guns, LLC,” Anita Rauch, CEO and President of the Madison, Wisconsin based Heritage Credit Union told Breitbart News in an email.

“We closed it because we were not capable of monitoring at the level required by regulation. Increased monitoring is required for all cash intensive businesses, regardless of the nature of the business,” Rauch said.

Read more.

No comments:

Post a Comment


The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.