FOR IMMEDIATE RELEASE
ICBA Statement on NCUA Credit Union Conversion Rules
Washington, D.C. (Dec. 14, 2006)—The Independent Community Bankers of America (ICBA) President and CEO Camden R. Fine issued the following statement regarding the approval of new credit union conversion rules by the National Credit Union Administration (NCUA).
"The action of the National Credit Union Administration today by approving rules that make it harder for credit unions to convert to mutual savings banks is just another attempt to obstruct the right of a financial institution to choose the type of charter under which it operates.
"NCUA's rules are inconsistent with the charter conversion rules of the other banking agencies and exceed the NCUA's statutory authority under the Credit Union Membership Access Act (CUMAA). ICBA supports charter choice for any financial institution."