Logistical Disagreements Arise in Effort To Amend Law to Allow All FCU Charter Types to Adopt Underserved Areas
WASHINGTON -- While CUNA is in favor of jumping on any opportunity that arises to bring up legislation to allow all federal credit union charters to adopt underserved areas, NAFCU seems to be taking a more measured approach.
CUNA Vice President of Communications and Media Outreach Pat Keefe has said that "discussions have been held" regarding the legislation to undo the American Bankers Association's recent successful lawsuit to limit the adoption of underserved areas to multiple common bond credit unions only. "If there's an opportunity, I'm sure we'll take it."
Contrary to other news reports, NCUA is not discussing strategy on the underserved area legislation now nor are they endorsing any specific legislative language at this point to possibly get legislation introduced before Congress adjourns permanently for the year. NCUA Public and Congressional Affairs Director John McKechnie did state, "Consistently since last June, our board has encouraged Congress to take a look at clarifying the statute so that credit unions of all charter types can reach out and serve underserved areas."
According to NAFCU Senior Vice President of Government Affairs Dan Berger, "Like the NCUA, NAFCU also believes the underserved areas must be addressed but there just simply isn't enough time to do anything, especially with the elections coming up as well as the lame-duck session. It doesn't make political sense to do anything at this point without laying down the appropriate political infrastructure. We are looking ahead to next year and what can be done to address the problem of non-multiple, common-bond credit unions not being able to take on underserved areas."