I disagree strongly with the premise behind the article, “Does NCUA Disdain the Dual System?” (Aug. 8 issue, page 1). It’s important to set the record straight.
The banking industry’s longstanding effort to deter or prevent credit unions from using the words “bank” and “banking” in advertising was advanced to a new plateau last week with a proposed cease and desist order placed by the state’s top regulator on the $600 million Vermont State Employees Credit Union.
The recent decision by the State of Vermont Department of Financial Regulation ordering the Vermont State Employees Credit Union to stop using words such as “bank” and “banking” in its marketing, communications and advertising begs the question, are you really serious?
Douglas Fecher, president/CEO of the $2.45 billion Wright-Patt Credit Union told lawmakers last week to direct the Consumer Financial Protection Bureau to limit regulatory burden by using existing tools, such as the power to exempt credit unions from its rulemaking.
The suggestion in the Editor’s Column [July 25, page 4] that a Republican administration could mean a 180-degree turn in credit union regulation is unfortunately partisan.