WASHINGTON — Other reactions have begun to flow in to the Coalition for Credit Union Charter Options suit against the NCUA's charter change regulations. CCUCO is an organization led and advised by bankers which claims to have member credit unions, but which has never released the number or names of those institutions.
NAFCU praised the agency for its effort to develop its regulations of the process and predicted the case would eventually be thrown out of court.
"NAFCU believes the Coalition for Credit Union Charter Options lawsuit that attacks the rule will ultimately be deemed frivolous," NAFCU President and CEO Fred Becker said in a prepared statement.
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The Independent Community Bankers of America, predictably, took a different tack, agreeing with the lawsuit and arguing CUs need to be free of NCUA in these matters.
"Credit unions should be free to convert and not be intimidated by an agency that seems intent on placing obstacles in front of institutions that seek to convert their charters," argued ICBA president and CEO Camden Fine.
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