ENPNewswire-July 10, 2020--ABA Chair Stewart 'Deeply Concerned' About Credit Union Field of Membership Expansion
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Release date- 08072020 - The Supreme Court's recent denial of the American Bankers Association's appeal in a case challenging the National Credit Union Administration's 2016 field of membership rule 'is another unfortunate step toward America's credit unions becoming nothing more than banks that refuse to pay federal income taxes,' ABA Chair Laurie Stewart said today.
In an op-ed for the Credit Union Journal, Stewart-a former credit union CEO who is today president and CEO of Sound Community Bank in Seattle-noted that relaxing field of membership rules is yet another move by the industry and NCUA to create an unlevel playing field between tax-exempt credit unions and taxpaying banks. 'Eliminating the field of membership requirement is a gross perversion of the mission and purpose of credit unions as conceived by Congress in 1934 and a brazen money grab by America's largest credit unions to gather more members, make more loans and drive small banks out of business through unfair, taxpayer-subsidized competition,' she...