tag:blogger.com,1999:blog-319775530671726401.post5768907704961210465..comments2023-10-01T09:18:26.162-04:00Comments on Keith Leggett’s Credit Union Watch: Common Bond and Equal Credit Opportunity ActKeith Leggetthttp://www.blogger.com/profile/14794334790117033547noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-319775530671726401.post-49082793192175399872011-08-26T07:20:53.768-04:002011-08-26T07:20:53.768-04:00The Federal Credit Union Act plainly states that o...The Federal Credit Union Act plainly states that only multiple common bond credit unions could add underserved areas. <br /><br />NCUA broke the law.Keith Leggettnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-70355757315492122432011-08-25T16:44:16.601-04:002011-08-25T16:44:16.601-04:00Credit unions extend credit, that's what they ...Credit unions extend credit, that's what they do. Additionally, there is no evidence of discriminatory credit transactions against protected classes within their fields of membership.<br /><br />But this begs the counterpoint -- Why did the ABA file a November 2005 lawsuit to prevent credit unions' service (extending credit) to additional underserved communities? <br /><br />The ABA materials online make it look like you were personally part of the work-up on that legal action. This begs an additional question -- what is your personal stand on social and economic justice, denial of service to underserved groups, or this post which seemingly suggests that credit unions formed specifically to serve individual groups of protected classes be shut down, presumably based on the logic they don't solve the credit needs of ALL protected classes.<br /><br />Bias and prejudice, even when disguised as logical inquiry, is a sad embarrassment to the American banking industry.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-19120036529092572612011-08-25T16:03:19.004-04:002011-08-25T16:03:19.004-04:00Dear Anonymous:
I know that chartering is differe...Dear Anonymous:<br /><br />I know that chartering is different from a credit transaction. But that begs the point -- Why charter a credit union if it is not going to extend credit?Keith Leggettnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-72011073402302076002011-08-25T15:55:59.376-04:002011-08-25T15:55:59.376-04:00The act of "chartering" is not a "c...The act of "chartering" is not a "credit transaction". <br /><br />Have one of your ABA attorneys explain it to you.<br /><br />Perhaps the same ABA attorneys who in 2005 filed a lawsuit to block credit union service to additional underserved communities.Anonymousnoreply@blogger.com