CUJ News Review: CUNA Rebukes ABA Statements

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Statements by the American Bankers Association to House Financial Services Committee Chairman Michael Oxley (R-OH) are "misleading and inaccurate in its characterization of Rep. Brad Sherman's proposed amendment allowing additional capital for CUs," according to CUNA, which included the comments in its own letter to Oxley.

The ABA is "more worried about crushing competition than establishing a record of service and trust on behalf of the banking industry," said CUNA CEO Dan Mica in the letter, who called the ABA's argument "the ultimate in arrogance and hypocrisy," especially when compared to ABA's current efforts to expand banks' real estate powers. ABA's position ultimately will lead to "fewer choices and higher prices for consumers," Mica wrote.

NAFCU also sent a letter to Oxley supporting the Sherman Amendment prior to the full committee markup of deposit insurance reform legislation last week.

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