The relentless push by credit unions to evade meaningful regulation under the Federal Credit Union Act has reached new heights of absurdity with the latest proposed rule before the National Credit Union Administration.
Lack of Accountability
Credit unions insist they are different than banks, and they are: they are less regulated. They hide behind the veil of their proud history as financial service providers to at-risk communities, and avoid rigorous regulatory oversight. Inadequate reporting standards have shielded the credit union industry from scrutiny.