Muslim Faith-Based Credit Union Chartered

Will the NCUA be "transparent" about the likelihood of success of this outlier credit union's business plan, BSA/AML and OFAC compliance policies and protocols, as well as its potential to jeopardize the safety and soundness of the NCUSIF? Why does the so-called independent executive branch Federal agency put credit union deposit insurance funds at risk to charter a new credit union when there are many existing, federally insured banks and credit unions available to serve Americans of all types, ethnicities and political persuasions? Has political correctness in Washington gotten totally out of control? Are equal credit opportunity laws being violated by this type of charter? Is this another taxi medallion loan concentration in the making? Why are the financial services industry media and the trade associations not asking more questions?

Marvin Umholtz

Consultant

Olympia, Wash.

This article raises many unanswered questions for all credit unions and regulators. It sounds like exceptions are being made for things many other credit unions must follow. Does this organization really fit the description of a credit union? I wonder.

David Proffitt

President/CEO

Alcoa Tenn FCU

Alcoa, Tenn.

Super interesting! Is the "no interest" part of their name because they'll be doing traditional Islamic banking, which bars usury and has an alternative business model? I'd be very curious to learn more on that front!

Matthew Cropp

CFPB Pinged to Crack Down on Statement Choice

So this is what the CFPB and NCLC are most concerned about? If so, maybe consumers are so protected that we no longer need the CFPB. It's a total waste of time and energy. My experience has been that the NCLC is more concerned about fundraising and publicity than actually helping any consumers.

BillyBobJim

Admission Solves Bomb-Strapped Robbery Case

Wow. Count me as one who doubted Yussman's innocence. I repent in dust and ashes. On the other hand, this points out an inviolable principle when dealing with law enforcement – NEVER take a polygraph test. They are inadmissible in court. It will do nothing to prove your innocence. There is absolutely no benefit of taking one. Sorry, Matthew.

B. A. Ware