Go to:

March 2019
< Feb Apr >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

Nussle: The Need for CUs in the Marketplace is Indisputable
Thursday, July 30, 2015 6:35 AM

In an op-ed in The Hill on Wednesday, Credit Union National Association President and CEO Jim Nussle wrote that increasing bank fines for consumer abuses show that the need for credit unions is indisputable.

Nussle suggests that because bankers paid $24.7 billion in financial fraud fines in fiscal year 2014, Congress and the National Credit Union Administration should be looking for more ways to remove barriers that keep Americans from joining credit unions.

“Citibank was fined $700 million last week—$700 million—a fine greater than the size of nearly 6,000 credit unions!” Nussle wrote. “With banks being fined this much for abusing consumers, the need for credit unions in the marketplace is indisputable.”

In response to the latest misinformed bank attack on the not-for-profit cooperative financial system, Nussle also pointed out how the NCUA is a prudential regulator, not a “cheerleader.”

“The truth of the matter for credit unions is that the agency has been on a binge of regulation over the past several years, culminating in a new risk-based capital regime that is a solution in search of a problem,” Nussle said. “And credit unions continue to fault the agency on inconsistent examinations and questionable examiner practices.”