WASHINGTON — In an op-ed in the latest Callahan's Credit Union Report, GTE Federal Credit Union President/CEO Bucky Sebastian stated that NAFCU "fulfilled its mission long ago" and its existence is "presenting more debits than credits."
The former NCUA executive wrote, "NAFCU's presence is divisive. NAFCU never claimed to represent all credit unions, but only a segment. It often worked to promote the interest of that segment over the interests of the other segment. Thus it worked against a portion of the credit union movement. As it worked against that other segment and as it tended to devalue those credit unions that did not have federal charters or federal insurance, it tended to devalue the worth of the whole movement."
Additionally, Sebastian said that NAFCU creates confusion with state and federal legislators and regulators.
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NAFCU declined to comment beyond an op-ed on the following page of the Report. Affinity Federal Credit Union President/CEO John Fenton, a NAFCU member, defended the trade association and listed among its recent accomplishments bankruptcy reform legislation with voluntary reaffirmations, leadership in the California credit card case, and interaction with NCUA for field of membership updates.
Fenton added, "Multiple voices don't necessarily mean competing messages (in Congress); in fact several strong voices are often needed to cut through the cacophony that is Washington. Open and consistent communication among the trade groups is much more important in these instances than having a single voice."
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