FOR IMMEDIATE RELEASE
ICBA Statement on Credit Union Coalition’s Suit against NCUA
Washington, D.C. (July 12, 2007)—Camden Fine, president and CEO of the Independent Community Bankers of America (ICBA), issued the following statement regarding the suit brought by the Coalition for Credit Union Charter Options against the National Credit Union Administration concerning the NCUA rules on credit union conversions:
"ICBA agrees that the NCUA has overstepped the authority Congress gave it in the Credit Union Membership Access Act to administer the membership vote on credit union-to-mutual savings bank charter conversions. The conversion rules fail to meet the statutory requirement of being consistent with the charter conversion rules of other banking agencies. Credit unions should be free to convert and not be intimidated by an agency that seems intent on placing obstacles in front of institutions that seek to convert their charters."
The suit, filed in the U.S. District Court in Alexandria, Virginia, seeks to nullify the conversion rules that NCUA has issued over the past three years. ICBA previously filed an amicus brief supporting a lawsuit brought against NCUA by two credit unions in Texas that disputed the agency's conversion rules.