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NAFCU's Carrie Hunt, in response to 51 banking associations' call for lawmakers to examine the NCUA's efforts and ability to provide proper oversight of the credit union industry, said the bankers' argument had no merit as it "rests solely on a shaky paper that was bought and paid for by their sister organization, the American Bankers Association."

"The letter fails to disclose this important fact to lawmakers on Capitol Hill which should raise alarming questions about bank lobbyists' true motives," said Hunt, NAFCU's executive vice president of government affairs and general counsel. 

In addition, NAFCU Vice President of Legislative Affairs Brad Thaler wrote to lawmakers to defend credit unions, noting the irony of these baseless banker attacks. He asserted that bank lobbyists should instead analyze "why [banks] caused the financial crisis and how they can stop abusing consumers today" and went on to say that the true goal of the bankers is to eliminate credit unions as competition.

Thaler also highlighted credit unions' strong work in assisting communities, serving 117 million members nationwide, contributing to meaningful economic growth and the benefits of credit unions' tax exemption.

Thaler's letter to lawmakers is available here.