NCUA Action On Community CU Cited AsGovernment Waste

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WASHINGTON - (07/15/05) -- NCUA's actions denying theconversion of Community CU have drawn attention from one sourceoutside the credit union and political arena--a Washington watchdoggroup called Citizens Against Government Waste. "It is the dog daysof summer and it appears federal bureaucrats have nothing better todo than harass and put up bogus barriers to a credit union thatwants to change its charter and become a savings bank," said TomSchatz, president of the non-profit which says it is dedicated toeliminating waste, fraud, mismanagement and abuse in thegovernment. The self-described watchdog group, well know for its'porker of the month award' citing government waste, said NCUA'saction invalidating last month's membership vote approving thecontroversial conversion could cost the credit union as much as$500,00 if Community CU is required to conduct the vote again."This is government overreach and an excessive, analytic reading ofthe regulation," Schatz said. ""It is time for NCUA to use commonsense, stop wasting time and tax dollars, and approve theconversion."

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