The National Credit Union Administration will introduce a rule later this year to clarify credit unions’ regulatory responsibilities when acquiring banks, NCUA Chairman Rodney Hood told The Wall Street Journal
In an article on the ICBA-opposed trend of large credit unions buying up smaller community banks, Hood said credit unions should acquire banks that comport with their existing field of membership and business lines.
ICBA has led the way in raising the profile of this troubling trend, including through the formation of its Credit Union Task Force. Community bankers can continue using ICBA’s Be Heard grassroots action center
to urge Congress to investigate the trend and to send in examples of egregious credit union actions to firstname.lastname@example.org