Allies and adversaries, sometimes simultaneously. That's the relationship between credit unions and community bankers. To get the perspective of community banks on key issues facing the financial services industry, Credit Union Times interviewed Ronald K. Ence, vice president, government relations of the Independent Community Bankers of America. A former congressional staffer, Ence has worked for the Washington-based trade association since 1990.
Credit Union Times: Your organization has fought very hard against efforts by credit unions to get the cap on member business loans raised to 25%. What's your biggest objection?
Ronald K. Ence: Credit unions have been pushing for this for a long time, but before they get more rights, they should demonstrate their ability to follow the mandates of their charter. They were chartered to serve the underserved, and study after study shows that credit unions don't do that as well as others, such as community banks. Also, community banks have money to lend, but the loan demand isn't there. If credit unions do more of that, it will be at the expense of community banks and make them less safe and sound.
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