NAFCU Disputes Bankers' TAG Support Claims
The Independent Community Bankers Association claimed Friday morning in a press release sent to Credit Union Times, and on President/CEO Camden Fine’s Twitter account, that NAFCU and federal credit unions “stand with ICBA and community banks” on the extension of the Transaction Account Guarantee.
On Monday afternoon, the Senate will consider a vote on a bill that would grant that extension.
In the tweet, Fine linked to a Dec. 3 letter from NAFCU to Senate Banking Committee leaders that encouraged packaging member business lending legislation with the TAG extension.
That prompted a “cease and desist” letter from NAFCU President/CEO Fred Becker later Friday, requesting that when communicating with Congress, the administration or general public, the ICBA “not infer in any manner NAFCU’s support of any legislation to extend the TAG program that does not include both credit union member business lending and IOLTA coverage.”
Becker countered that judging by the ICBA claims, the community banker lobby now supports a TAG-MBL legislative package. If true, he said, NAFCU would work with ICBA to move the legislation forward.
The ICBA did not respond to a request for comment.