ARLINGTON, Va. — NAFCU said it is optimistic about NCUA's role on the impact the Wings Financial/Continental merger proposal could have on the credit union industry.
NCUA Chairman JoAnn Johnson said last week that the agency's role "in this process is not a passive one," it is committed to ensuring that all statutory and regulatory requirements are satisfied and if NCUA's rules are found to be "inadequate or insufficient" surrounding the merger proposal, the board will move to address them.
"NAFCU was very pleased to see Chairman Johnson speak out today on the Wings-Continental merger situation," said NAFCU President Fred Becker. "This issue remains a very serious one for our members, many of whom have said that they consider it a grave threat to the future of the credit union cooperative system."
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Becker also said it fully supports Johnson's comments that mergers require the "full consent and cooperation of both institutions."
"It cannot be stressed enough that the future of the credit union community depends on continued mutual cooperation among institutions," Becker said.
NAFCU said it will continue to work with NCUA to ensure balance between the rights of individual credit unions to voluntarily merge and the needs of our unique cooperative community.
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