The American Bankers' Association has suggested some credit unions should be forced to become banks.
As credit union management and boards learn more about the amount of toxic assets in corporate and natural person credit unions, their conclusion about assessments changes from "something we have to live with" to "we can't live with that."
For the time being, credit union concerns in Virginia and elsewhere over companion bills in the state Senate and House enabling banks to buy and merge credit unions have eased following committee action leading to likely passage.
The credit union culture is not only too big to fail-it's too important to fail.
On a 15-0 vote of the Virginia Senate Commerce and Labor Committee, the now recast bankers' bill enabling state chartered credit unions to convert to mutual status cleared another hurdle this week as it appears headed for passage.
In a victory for the Virginia Credit Union League, a House panel voted 20-0 Thursday to pare down a banker-backed bill allowing banks to buy credit unions into a measure enabling state CUs to convert to mutual charter.