American Bankers Association President/CEO Frank Keating stirred up the credit union faithful recently with a new spin on the tired credit union tax exemption fight.

In his June 23 opinion piece published in Washington political paper The Hill, Keating argued that the proposed Players Choice Federal Credit Union, which applied for an NCUA charter, runs afoul of the Federal Credit Union Act because the credit union’s proposed pro athlete field of membership does not fit into the modest means category.

That argument makes for a great sound bite, but Keating needs to read the FCUA more closely before he makes such grandiose claims of statutory violation.

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