WASHINGTON — The NCUA's most recent proposed regulations to govern the credit union-to-bank conversion process merely taunts Congress, according to the Coalition for Credit Union Charter Options, the banker-led group which advocates for conversions.
The organization's Aug. 17 letter casts the agency as a rebellious servant and suggested NCUA is foolish to make the achievement of other credit union objectives more difficult in order to stop "a handful of conversions."
"Rather than pay heed to Congressional backlash, it appears to us that NCUA seems willing to taunt its legislative masters, and flaunt its bristling independence," wrote CCUCO executive director, Lee Bettis. "It's a dangerous gambit in the face of recent Congressional displeasure, punishing court decisions, and legal setbacks in disputes over field-of-membership, underserved markets and other chartering issues."
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The agency has maintained that its interest in regulating the charter conversion process is to ensure that credit union members have the greatest opportunity to make fully informed decisions about the proposed charter changes.
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