Lack of Accountability

Given the services they provide and their structure, credit unions should presumably adhere to stringent regulatory requirements like banks do and public disclosure requirements like nonprofits do but neither is the case. These substantial regulatory and disclosure gaps shield the credit union industry from proper scrutiny, which is a disservice to all Americans. This is especially problematic for those who support traditional, mission-driven credit unions facing competitive pressures from modern ones pursuing profits. 

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Expert Views

Josh Silver, National Community Reinvestment Coalition
The Community Reinvestment Act should be expanded to cover credit unions, other nonbank lenders and insurers, according to the National Community Reinvestment Coalition. Noting the growing share of nonbanks and credit unions in mortgage lending, NCRC Senior Policy Adviser Josh Silver argued that if nonbanks remain outside of CRA, “the competitive position of banks eventually will be undermined to the detriment of access to safe and sound credit and capital for LMI communities.” 
— National Community Reinvestment Coalition, 2020
Todd Harper, Then-NCUA Board Member and Current NCUA Chairman
“Why should it take complex, federally insured credit unions with $500 million or more in assets seven or eight years longer to implement their comparable risk-based capital rule than it took for banks and thrifts to implement theirs? That’s an uneven regulatory playing field.” 
— National Credit Union Administration, 2019
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Recent News and Insights


In December of 2017, the NCUA closed Riverdale Credit Union, whose assets were then immediately acquired by Jefferson Financial Credit Union of Metairie.


SRP Federal Credit Union in North Augusta, South Carolina reached an agreement to acquire Southern Bank in Georgia – a merger that would total the assets of the credit union to $950 million.


Credit unions borrowed 270 times from the Federal Reserve’s Discount Window during the third quarter of 2015. Vermont State Employees Credit Union (Montpelier, VT) visited the Discount Window 13 times.


Taxi medallion loans continue to stress the performance of two New Jersey credit unions in the first quarter of 2017. Both credit unions owned credit union service organizations that financed taxi medallions. – Credit Union Watch, May 2017


The NCUA board is proposing to quadruple the population threshold of a presumptive community charter consisting of a statistical area or a portion thereof served by a federal credit union to 10 million. Therefore, West Virginia could potentially be a part of the Washington-Baltimore-Arlington, DC-MD-VA-WV-PA Combined Statistical Area that has estimated population of approximately 9.6 million people.

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