WASHINGTON — Bankers are calling on both national parties to include provisions in their platforms that would strengthen the nation's banks and direct credit unions to focus on helping the underserved.
"Credit unions were originally conceived of as institutions to help meet the financial needs of people of modest means, and they have been granted impressive government benefits to encourage that mission," Edward Yingling, the president of the American Bankers Association, wrote in letters to the chairmen of Democratic National Committee and the Republican National Committee platform committees, both dated Aug. 7. "Today, too many credit unions have strayed from that focus."
Credit union lobbyists derided the ABA's initiative.
"Platforms adopted by the major political parties are supposed to be about the positive things the Republicans and Democrats want to do for our country. Yet, bankers are attempting to co-opt the process by suggesting credit unions be reined in from serving all consumers," said Dan Mica, the president of Credit Union National Association.
The bankers also are calling on both parties to review the effects of market value accounting; reform money-laundering disclosures; strengthen charter choice; and implement "pro-business tax policies."
