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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
August 31, 2005
#05-60 |
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E-mail:
[email protected] |
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CREDIT UNIONS AND THEIR MEMBERS SCORE VICTORY IN COURT CASE ON CONVERSIONS TO MUTUAL SAVINGS BANK CHARTERS
Statement by Robert P. Schmermund, executive vice president for corporate communications, America’s Community Bankers, on the settlement reached in the Texas credit union lawsuit against the National Credit Union Administration:
Credit unions and their members wishing to convert to mutual savings bank charters have won a great victory for charter choice in the settlement of the lawsuit brought against the National Credit Union Administration by the Community Credit Union and OmniAmerican Credit union. America’s Community Bankers is proud to have been a part of that victory with its amicus brief filed on behalf of the converting credit unions. We were joined by the ICBA and 33 state trade associations.
The case was about charter choice — the right of credit union members to choose the charter that will best serve their needs and their local communities. We hope this lawsuit serves as a wake-up call to the NCUA that it needs to follow the law and give credit unions the freedom to choose their charter.
Reps. Patrick McHenry (R-N.C.) and Edolphus Towns (D-N.Y.) are to be commended for their courageous action in introducing legislation that would prohibit the NCUA from continuing to use regulatory tactics to prevent charter choice. No doubt, their bill contributed to the congressional backlash against the NCUA’s blatant disregard for the law and its own regulations. ACB will continue to advocate passage of the McHenry-Towns bill to make it crystal clear to the NCUA that it cannot arbitrarily block future credit union conversions.
The settlement agreement is attached.
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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