Restricting credit unions to belonging to one corporate credit union is "contrary to the principle that member-owner natural person credit unions determine the future of their corporates and the corporate system as a whole," NAFCU wrote in its comment letter to the NCUA.
NAFCU President/CEO Fred Becker also wrote in a letter filed today that the provision of the proposed rule could eventually result in a dilution of quality in corporate products and services."
He also expressed concern about the agency's proposed mechanism for getting non federally insured credit unions and non credit unions to pay for the rescue of the corporates. The agency proposes encouraging non-federally insured members to pay a fee that would go to the Temporary Corporate Credit Union Stabilization Fund.
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