LAS VEGAS — NCUA Chairman JoAnn Johnson told participants in CUNA's America's Credit Union Conference & Expo to go "Back to the Future."
She noted the origination of credit unions in the United States. "They were pooling to help everyone; it was to help all of the members," Johnson stressed.
Given the new emphasis of Congress on consumer protections, credit unions have a good story to tell. That is just what the chairman is doing she said having testified twice before Congress already this year on serving the underserved and credit unions' lack of involvement in the subprime mortgage downturn. Later this week, Johnson will be testifying at a hearing on credit card practices in the House Financial Institutions and Consumer Credit Subcommittee, chaired by Carolyn Maloney (D-N.Y.), strong credit union supporter and original CURIA co-sponsor.
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She tied this consumer protectionism into the NCUA's work on transparency in the mutual savings bank conversion process.
Additionally, the NCUA chairman brought up the controversy surrounding the Wings/Continental takeover attempt and the agency's lack of action in the immediate aftermath. She pointed out that both boards would need to approve a merger, as well as the membership in the case of a federal credit union. "With the rules we have in place, with the latitude we have as a regulator, it isn't necessary to put out a regulation we might regret," Johnson stated.
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