Norm D'Amours: The Fly In TheOintment
WASHINGTON - (11/03/05) -- Thursday's landmark hearings bycongressional tax-writers on the credit union tax exemption willmark the return of an old credit union figure to center stage. Agroup of community activists is expected to testify for a CommunityReinvestment Act-like law for credit unions and along side themwill be former NCUA Chairman Norman D'Amours. D'Amours' own bid toapply a bank-like community reinvestment rule to credit unions wasoverturned at NCUA after heated lobbying against it by the creditunions. The appearance of the former NCUA Chairman comes as creditunion representatives will be trying to convince the congressionaltax-writers that credit unions continue to fulfill their originalmission of serving the underserved. D'Amours, who served as NCUAChairman until January 2001, spoke recently to numerous groups,including the banks, of his belief that credit unions should have acommunity reinvestment requirement in exchange for the taxexemption. D'Amours testimony will be weighed against testimony ofrepresentatives for the credit unions, for the banks and thegovernment. D'Amours could not be reached for commentWednesday.