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.
State banking commissioner cites 1969, 2006 laws in cease-and-desist order against Vermont State Employees Credit Union.
Comment period ends Monday on rule that would require new agency's exams to not affect confidentiality assured under state and federal laws already.
While industry representatives said new legislation on financial institution exams is sorely needed, an NCUA executive more than begged to differ.
Rep. Mel Watt assails NCUA executive director during House hearing on exam measure, says agency "way beyond" its authority.
CAMELs aren’t usually a source of controversy in a place known for basketball and tobacco. At issue is the NCUA’s fight with state regulators over the release of the CAMEL rating of State Employees Credit Union.
The NCUA says it's protecting the system. Critics say the agency is protecting itself. Check out this print preview from next week's print edition of Credit Union Times.
Region III director calls CAMEL disclosure "unacceptable release" that could threaten NCUSIF and depositors.
CEO says CU pays $300,000 yearly to keep member data safe.
Credit unions should set aside between 8 and 11 basis points for next year’s assessment to pay for the corporate credit union rescue, NCUA Chairman Debbie Matz advised last week.