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WASHINGTON — The laundry list of priority issues for America’s Community Bankers in 2007 might at first glance look like CUNA’s or NAFCU’s.

Regulatory relief, data security, risk-based capital standards, etc. can be counted among them. Under regulatory burden relief items are a number of things credit unions would like, including reducing Bank Secrecy Act/USA PATRIOT Act compliance burdens, increasing business and agricultural lending authorities, and not requiring annual privacy notices for institutions that do not share information with other organizations. ACB is seeking a national standard for data security including notification and liability for those who caused the breach. But their credit union regulation and taxation section stands in stark contrast to credit unions. “ACB believes that credit unions that do not derive the majority of their income from providing loans and deposit services to persons of modest means should lose their federal tax exemption,” ACB’s 2007 Priority Issues brochure states. “Until bank-like credit unions pay taxes and comply with the Community Reinvestment Act (CRA), the National Credit Union Administration (NCUA) should stop liberalizing its field of membership rules,” according to ACB’s Policy Positions booklet. “The NCUA also should prohibit further expansion into commercial banking servings in a manner that falls outside the scope of the credit union charter.”

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