Just after NCUA Chairman Debbie Matz drew ire from credit unions for testifying in a congressional hearing that overregulation has not led to the weakening of credit unions, and stating that they don't represent their members, the 53 State Bankers Associations sent a letter to Congress calling the NCUA a "cheerleader" for credit unions.

The letter, posted to the American Bankers Association's website, called on members of Congress to investigate the NCUA.

"We are deeply troubled by the actions and recent comments from NCUA's Chairman that, in the name of 'regulatory relief,' the agency is prepared to essentially provide the credit union lobby's legislative agenda through regulation despite Congress' repeated unwillingness to do so directly," the letter read. "For example, in June, NCUA proposed expansive changes to its business lending regulations, claiming authority to raise the congressionally-imposed cap on business loans. The proposal also effectively makes the cap irrelevant through changes to loan participations, threatening safety and soundness and diverting credit unions from their mission of serving consumers.