Looking back six years ago finds the American Bankers Association opening a new front in an old war with a new initiative to repeal the credit union federal tax-exemption and restrict CU membership privileges.
The latest effort consists of positions taken against credit unions' success at becoming full service financial institutions, including making member business loans and becoming members of the Federal Home Loan Bank System.
"Credit unions have to realize that even when H.R. 1151 was enacted, these credit union issues were still a priority for our banker members. It's still important for the ABA. Now more than ever, given what we've seen happen to field-of-membership expansion and community charters. And looking at what's taken place in the industry and at NCUA, we decided it was time to communicate to our members what's going on," said ABA Chief Economist Keith Leggett.
According to CUNA and NAFCU this new platform of complaints against credit unions includes a new twist--attack at the state level.
"The ABA's position has always been, and continues to be that as few Americans as possible should have the opportunity to join a credit union. We're unabashed in our position, quite the opposite, that as many Americans as possible should have access to credit union service," said CUNA General Counsel Eric Richard.