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Last Friday’s liquidation and merger of a well-known community development credit union, the $6 million Mission SF FCU, is the latest example of regulatory excess on PCA brought on by H.R. 1151, the head of the National Federation of Community Development Credit Unions charged.

Though the troubled San Francisco credit union was barely solvent at the time of the NCUA seizure, “a decade or so ago, the credit union would have been given additional time to strengthen itself but under Prompt Corrective Action, we have seen the termination of credit unions that we believe could have survived, if given more time,” argued Clifford Rosenthal, president/CEO of NFCDCU.

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