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.
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