National Credit Union Administration McWatters stated that Congress should allow credit unions to serve communities that exist only online.
In an interview with the Wall Street Journal, McWatters stated that "[c]hances are [such a change] would be very broad ... I am trying to parallel reality today as opposed to what it was a generation—or two or three or four generations—ago.”
The American Bankers Association spokesperson commented that the proposal to open credit union membership further was laughable.
In the interview, McWatters also defended the agency's decision to close the Temporary Corporate Credit Union Stabilization Fund and merge its remnants with the National Credit Union Share Insurance Fund and to raise the Normal Operating Level for the insurance fund to 1.39 percent.
McWatters further stated that he plans to revisit the risk-based capital requirements for credit unions adopted by his predecessor, as he does not believe the rule hews close enough to the Federal Credit Union Act.
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McW should consider that beyond the original idea of common bond, not only has the the world changed but the people have too.
ReplyDeleteThere are no common bonds, it’s one common bond, America.
He’s right that congress should revisit the FCU Act.
And then close it, collapse it and recognize the reality that Americans don’t shop for financial solutions bonded together but sexual preference, employer, village, ethnicity, whatever.
We’re Americans.
The only common bond of CUs is to preserve the federal tax exemption.