As we reported recently, the National Credit Union Administration (NCUA) has proposed changes to credit union field-of-membership rules. The proposal takes the NCUA’s already overreaching geographic limitations and practically eliminates them. It would allow credit unions to expand their footprint while maintaining their tax exemption and avoiding many federal financial regulations that apply to community banks.
IBAT filed a comment letter that speaks out against this irrational NCUA proposal and provides examples of some of the preposterous geographic boundaries it would create.
“There are three things that are certain in this life---death, taxes, and the NCUA proposing rules that blatantly and offensively attempt to sidestep the authority of Congress,” said IBAT Executive Vice President Steve Scurlock. “And come to think of it, with credit unions, even taxes aren’t certain. This proposal is so far removed from the NCUA’s congressional authority, consideration of it should be dropped immediately.”
Staff contact: Shannon Phillips, firstname.lastname@example.org, 512-275-2221