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 April 17, 2006 #06-21
E-mail: [email protected]

ACB STATEMENT ON DFCU FINANCIAL FEDERAL CREDIT UNION

Press Release Tools
	E-mail This Press Release
	Printer-Friendly Format

The following is a statement from America’s Community Bankers President and CEO Diane Casey-Landry on DFCU Financial Federal Credit Union’s announcement that it has withdrawn its application to convert to a mutual savings bank charter:

“Today’s announcement by DFCU to withdraw its application for a mutual savings bank charter is a victory for the small-minded detractors who fear change, who inhibit new ideas and who attack freedom of choice. All DFCU ever asked was a fair chance to tell both sides of the conversion story and let an informed membership vote on the outcome. Instead the NCUA erected actual and perceived roadblocks, while its allies launched an inflammatory political campaign to discredit DFCU management and the conversion process.

DFCU’s decision underscores the immediate need for Congress to take up H.R. 3206, the Credit Union Charter Choice Act sponsored by Rep. Patrick McHenry (R-N.C.) and Rep. Edolphus Towns (D-N.Y.). Financial institutions, including credit unions, should have the right to seek the charter that best meets the needs of their members, their customers and their communities. A regulator should act as an honest broker in the process to ensure that appropriate rules are followed and that members receive full disclosure – which means hearing both sides of the story. Regulators should not be gaming the system in a manner that prevents credit union members from deciding for themselves what is in their best interest.”

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.

-30-