Search
 
News

ABA Questions OCC Authority to Approve CU-Federal Savings Association Mergers

The ABA continues to raise alarm bells about CUs purchasing banks, accusing CUs of using the tax exemption to finance the deals.

Office of the Comptroller of the Currency seal Source: Shutterstock.

The American Bankers Association has asked the Office of the Comptroller of the Currency to reject any proposed merger of a federal savings association with a credit union, saying the agency may not have the power to approve such a deal.

“ABA notes, first, that Congress has authorized the OCC to adopt regulations for mergers of Federal savings associations with other ‘savings associations,’” ABA President/CEO Rob Nichols wrote in a letter this week to Blake Paulson, acting comptroller of the currency. “As a threshold matter, it is therefore unclear that OCC has the power to provide a mechanism for acquisition of assets or liabilities of a Federal savings association by an entity such as a credit union.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

David Baumann

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.