Michael E. FryzelDr. Keith Leggett, a former executive of the American Bankers Association and a frequent commenter on credit union activities and the NCUA, recently posted a column on his blog site that I believe requires clarification and correction.

While I admire Dr. Leggett’s vigilance and enjoy reading his commentaries, I find that his writing of Nov. 10 shows bias against credit unions and their regulators and for the banking industry.

Dr. Leggett is of the opinion that there are fewer credit unions converting to banks than banks to credit unions because of difficulties of such conversions imposed by NCUA regulations. While he may feel that the conversion regulations are too stringent, he must first recognize and understand the culture, philosophy and commitment that exist in the credit union industry. In addition, he must acknowledge the difference in the structure and ownership between credit unions and banks.

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