In response to a letter from House Financial Services Chairman Jeb Hensarling(R-Texas), NCUA Board Chairman Debbie Matz wrote that the NCUA hasnot and will not participate in Operation Choke point.
“NCUA does not dictate which businesses credit unions can serveas long as these businesses are legal and within the credit union'sfield of membership, and the credit union can serve them safely andsoundly,” she wrote in the letter dated April 15. “Going forward,the NCUA will continue to ensure that all our material and guidanceclearly outline these policies.”
Matz explained that the NCUA issued a memorandum to all fieldstaff in August of 2014, which stated the agency's policy foropening and closing accounts is a decision generally left to thecredit union.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
