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NEWS RELEASE
2000
ABA STATEMENT ON NCUA ADOPTION OF MEMBERSHIP CHANGES, COMMUNITY ACTION PLAN PROPOSALS By James D. McLaughlin, director, ABA regulatory and trust affairs “In its attempt to `clarify’ its existing policies, NCUA has instead adopted new policies that will encourage expansion of large credit unions at the expense of small, locally owned financial institutions. “Today’s action undermines the idea that members must live or work within reasonable proximity of their credit union. It also allows weak credit unions to add new membership groups – something Congress intended to prohibit in the Credit Union Membership Access Act. “What’s most disappointing is NCUA’s
Community Action Plan, which amounts more to a suggestion than a
regulation. While this seems
to be a recognition that credit unions have a responsibility to serve
their communities, we believe credit unions should, if anything, be held
to higher CRA standards. That’s because, in addition to
having federal deposit insurance, credit unions also enjoy a tax exemption
and special regulatory treatment.” The ABA brings together all categories of banking institutions to best represent the interests of this rapidly changing industry. Its membership - which includes community, regional and money center banks and holding companies, as well as savings associations, trust companies and savings banks - makes ABA the largest banking trade association in the country. # # # |
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