NCUA Should Stick To Safety & Soundness

Credit Union Journal, The, March, 2008 by Lee Bettis, Executive Director, The Coalition for CU Charter Options

This letter is in response to the March 3, 2008 editorial by JoAnn Johnson, chairman of the National Credit Union Administration, defending the agency’s ongoing rulemaking regarding the conversion of a credit union to the mutual savings bank charter. The editorial was titled: “Why NCUA Has Focused On The Rights Of Members As Owners,” (CU Journal, March 3).

Mrs. Johnson stated that this effort “runs counter to my philosophy of minimal regulation, preferring to remove burdens and enable credit unions to maximize service as long as a strong safety and soundness regime is maintained.” We agree that the regulations are both burdensome and contrary to free-market principles.

She also wrote that, “When I testified before the House Financial Services Committee in May 2006,...

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