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.