By Jim Nussle, president and CEO, Credit Union National Association
It’s hard not to chuckle after reading Frank Keating’s latest rant on The Hill’s Congress Blog (“Time for Congress to tackle credit unions’ runaway regulator,” July 23) against credit unions and their federal regulator, the National Credit Union Administration (NCUA). Any time you see the bankers complaining about credit unions, know that life must be pretty good for the banking industry.
Keating claims the NCUA is a “cheerleader” regulator. This is a pretty disingenuous criticism coming from an industry that has a seat set aside for a banker on the Federal Reserve Board of Governors. The truth of the matter for credit unions is that the agency has been on a binge of regulation over the past several years, culminating in a new risk-based capital regime that is a solution in search of a problem. And credit unions continue to fault the agency on inconsistent examinations and questionable examiner practices.
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