ICBA, groups push for NCUA oversight hearing

ICBA and other groups called on Congress to hold an oversight hearing on troubling National Credit Union Administration rulemaking activity.

Rulemakings: The joint letter on behalf of banks and community groups cites NCUA rulemakings to:

  • Expand payday and other forms of lending by credit union service organizations.

  • Allow national expansion of fields of membership, amplifying the need for credit unions to be covered by the Community Reinvestment Act.

Legal Questions: The letter also:

  • Notes that current NCUA Democratic Chairman Todd Harper and former Republican Chairman Mark McWatters have raised questions about whether the efforts are legal.

  • Questions the process in which two board members have usurped control of the agency’s staff and board agendas from the chairman.

More: ICBA recently ran a USA Today ad campaign encouraging Congress to investigate credit unions’ tax exemption and acquisitions of community banks. More information is on ICBA’s Wake Up page.