NAFCU Pleased With NCUA Move

ARLINGTON, Va. - As the Credit Union Journal was going to press, NAFCU President Fred Becker issued a statement in response to NCUA Chairman JoAnn Johnson saying the agency is reviewing the bid by Wings Financial FCU to put an unsolicited merger bid before members of Continental FCU.

"NAFCU was very pleased to see Chairman Johnson speak out on the Wings-Continental merger situation. This issue remains a very serious one for our members, many of whom have said that they consider it a grave threat to the future of the credit union cooperative system," said Becker. "We are encouraged by the chairman's statements that the agency is not being 'passive' and is 'committed to make certain that all statutory and regulatory requirements are satisfied.'...We also very much support the chairman's comments that mergers require the 'full consent and cooperation of both institutions.' It cannot be stressed enough that the future of the credit union community depends on continued mutual cooperation among institutions." (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com