WASHINGTON (1/26/16)--It was only a matter of timing, reminds Credit Union National Association (CUNA) Chief Advocacy Officer Ryan Donovan, not a question about whether banks would launch an all-out attack on the National Credit Union Administration's effort to modernize field-of-membership rules.
The American Bankers Association and Independent Community Bankers Association have unleashed a multi-prong assault, which includes as many as 500 bankers' letters already being sent to the NCUA. The number will only grow. Bank groups are also trying to commandeer the conversation regarding credit union regulation on Capitol Hill with letters to key members of the U.S. Congress.
CUNA has identified the factual inaccuracies in the bankers' message to Congress and will expose "their disturbing perspective that Americans should have less access to affordable financial services," Donovan said in CUNA's Advocacy Update Monday. However, he adds, it is credit union letters that will be most responsible for moving this proposal forward.
"Every credit union should rally and be heard from before the comment period on this important proposal ends Feb. 8," Donovan continues to urge.
"We always knew the bankers would try to influence the comment process, and their activity serves as an important reminder that we need to continue to make our voice heard. These letters are crucial to moving NCUA's positive changes across the finish line."
CUNA is drafting its comment letter right now. Over the past few weeks, CUNA has conducted meetings with groups of its members to assure their concerns are included, and those meetings will continue this week.