September 04, 2019

NAFCU's Berger in WSJ defends CU-bank mergers; NCUA plans clarifying rule

"Credit unions serve the greater good, not the greater greed," NAFCU President and CEO Dan Berger told The Wall Street Journal in a recent interview. Citing an uptick in the number of credit unions that have acquired banks, the publication reported on credit union merger activity.Dan

"Credit unions are buying small banks in record numbers, a trend that is prompting pushback from the banking industry," the story read. 

Predictably, these transactions have promoted meritless criticisms from the banking industry – which NAFCU continues to proactively push back on. The association consistently works to set the record straight on the differences between credit unions and banks as the banking industry continues to lobby to undermine credit union competition.  

In a series of tweets, NCUA Chairman Rodney Hood committed to introducing a rule to clarify credit unions' regulatory responsibilities when acquiring banks by the end of 2019.

"The NCUA must approve these transactions, as does the FDIC for these identical transactions […] I plan for the NCUA to consider a rulemaking on this issue to add even more transparency to the process," said Hood.

As the credit union industry's Washington Watchdog, NAFCU will continue to defend credit unions' ability to serve their members and local communities, including their ability to grow.

Read the full story here.