Looking back six years ago finds Navy Federal urging NCUA to make greater use of existing powers and eliminate restrictions to enhance the federal charter.
In an 11-page letter to the agency, Navy Federal outlined a number of charter enhancing provisions NCUA could implement to make the FCU charter more powerful.
"We have decided to take a more active role in terms of regulatory fixes," said Navy Federal President/CEO Brian McDonnell. "It's important to find out if NCUA can take those actions before we try a legislative fix."
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That issue also finds five banks declaring Iowa's ban of ATM surcharging unconstitutional. Metrobank, Wells Fargo Bank Iowa, Bank of America, Firstar Bank and U.S. Bank have filed a lawsuit in federal district court against Iowa Banking Superintendent Holmes Foster. In addition the banks asked for temporary and permanent injunctions to stop the state from enforcing the surcharge ban.
Iowa Credit Union League Vice President Pat Drury says the issue is more involved than banks just recouping an investment.
"Our standing position is that as consumer advocates we are opposed to ATM surcharging," said Drury. "Large banks should not dictate the marketplace. Ultimately, small bankers and credit unions will be disadvantaged by this."
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