CUNA, NAFCU and NASCUS criticize proposal, which would require large credit unions to maintain a stress test capital ratio of at least 5%.
Standards are not mandates, agencies say.
NCUA, other regulators considering new standards as mandated by Dodd-Frank.
Two long-term opponents of payday lending said that nine federal credit unions in five states continue to offer members payday loans with triple-digit interest rates.
Thirteen institutions expected to also undertake loss mitigation efforts focused on foreclosure prevention in OCC/Fed settlement.
Banker opposition to NCUA’s LICU program is ludicrous. Why do I call it ludicrous? Because their opposition would have to step up several notches on the reasonableness scale to even come close to their normal anti-credit union position of hypocritical.
The 20,000 member, $353 million GFA Federal Credit Union, headquartered in Worcester Mass., moved a bit closer to finalizing a purchase of a stock-owned thrift when a majority of the bank’s shareholders voted to approve the deal.
I recently received an email from a group of Washington lawyers who ply various trades of a legal nature, including trying to convince credit unions that switching to a mutual charter (with the not-so-subtle understanding of a later move to stock) would be a great idea.
Although they less frequent than credit union to bank charter changes, some banks have made the move to become credit unions.
Regulators issue joint statement downplaying effect; CU Prosper CEO agrees.