NCUA has canceled its May board meeting, a rarity for the regulator. It only had one item on the agenda, albeit a controversial, important item-an amendment banning non-multiple common bond credit unions from adding underserved areas. This amendment was driven by bankers and their lawsuit challenging underserved areas, claiming CUs are using them to expand their FOMs and cherry pick the best potential members.

What’s so sad about NCUA canceling the meeting is the fact that NCUA even has this amendment and how it got to this point. Once again NCUA has been forced to react to banker attacks, or at least it thinks it has to. This is a reflection of the sad state of political affairs today-now more than ever we see the credit union industry reacting to the bankers.

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