FAYETTEVILLE, N.C. — Navy Federal Credit Union said it has no intention of retrenching on its branch expansion in North Carolina or in other states following the latest banker assault on large CUs "growing beyond their original purpose and common bond."
The media swipe against Navy and other large CUs in North Carolina "and elsewhere as well" came from the North Carolina Bankers Association taking aim at a newly-opened Navy branch serving the Fort Bragg Army Base.
"Yes, we read about that attack but nothing has changed for us," said a spokeswoman for Navy following a Dec. 16 article on the branch grand opening in the Fayetteville Observer quoting Paul Stock, executive vice president of NCBA accusing large CUs like Navy of reaching beyond "their defined" field of membership boundaries.
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The $17 billion State Employees' Credit Union, the state's largest, said it also was aware of the NCBA blast dismissing it as nonsensical and adding "we are not too worried about it." State Employees said it is more concerned about allaying public confusion over bailout legislation in Congress which lumps aid to corporate CUs with large CUs prompting the Raleigh CU to post explanations on its Web site this month under the headline, "SECU Is In Excellent Health."
Regarding the NCBA attack on Navy, the North Carolina Credit Union League fired off a letter to the editor of the Fayetteville Observer by John Radebaugh, president/CEO denying the bigness theories, noting also that large banks are now getting bailout money "for risky loans they made, and yet many of these same institutions have been curtailing lending to consumers."
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