ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release July 22, 2004 #04-36
E-mail: [email protected]

ACB STATEMENT ON NCUA PROPOSAL

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Statement by Diane Casey-Landry, president and CEO, America’s Community Bankers, on the regulations proposed today by the National Credit Union Administration to further restrict conversions of credit unions:

The NCUA’s proposal to prevent credit unions from converting to a more flexible charter is an example of a government agency that has lost sight of its true mission. Safety and soundness does not include preempting management and members on charter choice. Depriving credit unions of charter choice is un-American, and unfairly deprives credit union management of the ability to choose the charter that will best allow them to serve their customers and communities.

A growing number of credit unions are fighting back, as evidenced by opposition to a rule adopted in February to make it more difficult for credit unions to convert to mutual savings bank charters. This latest proposal makes conversion almost totally impossible.

The NCUA’s anti-charter choice position displays a blatant disregard for the rights of credit union members and continues to exceed the agency’s statutory authority.

America’s Community Bankers will continue to lend a helping hand to any and all credit unions that wish to choose the charter they want to serve their members and customers.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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