8 Credit Unions That Oppose the Home-Based Ban
Credit unions are speaking out against a rule proposed by the NCUA that would force credit unions out of homes and into commercial offices.
CU Times reviewed each comment letter posted as of Tuesday on the NCUA’s website. The following eight credit unions were among the overwhelming majority opposing the proposal:
The $4 million Aldersgate Federal Credit Union in Danville, Ill.
“I am respectfully requesting the NCUA withdraw its proposed rule, as the requirements would paralyze this credit union and effectively remove small home-based credit unions from the collective credit union map,” said Manager Marilyn Sullins in her comment letter.
The $5 million B. I. Federal Credit Union in Pittsburgh, Pa.
The $11 million Cal Poly Federal Credit Union in Pomona, Calif.
“I believe the members of the credit union should decide if they need and can afford an office. I do not believe NCUA should mandate it,” said CEO Barbara Bean.
The $19 million Community Plus Federal Credit Union in Rantoul, Ill.
“The symbolism of the home-based credit union is very important to the identity of the credit union movement. What are the core differences between credit union and banks? Credit unions are controlled by volunteer members. Their mission is to serve the financial needs of their members, not make a profit for stockholders,” said President/Manager Michael Daugherty in his comment letter.
The $341,887 Dallas IHC Federal Credit Union in Colleyville, Texas
“The expense to provide an office would certainly cause our expenses to rise so much that it would create a hardship for us,” said President/CEO Fable Griffin.
The $521,016 Our Family Social Credit Union in Omaha, Neb.
“Regarding the safety concerns of the examiners, we have never had any issues with our examinations. In 63 years, our (home-based credit union) has never had any pets on the premises,” wrote Larry Cain, correspondence secretary on the board of directors.
The $2 million Queen of Peace Arlington Federal Credit Union in Arlington, Va.