WASHINGTON -
The American Banker Association has implemented a policy that bars credit union officials from attending any of its events, a move that drew criticism from NAFCU as it was hosting its annual conference-where bankers were welcome, if they chose to attend.
"This policy, we believe, undermines the best interests of the consumer and the financial services industry," said NAFCU. "Moreover, we believe this exclusionary policy runs counter to the current legislative and regulatory climate, which is striving to promote a more open and proactive exchange of information to benefit consumers of any and all types of financial institution. Tactics like this fuel divisiveness and create an unnecessary veil of secrecy."
Not all credit unionists are excluded, however. Credit union executives who formerly worked at banks and achieved the ICB designation are still welcome at ABA events.
When asked why it hammered out the anti-credit union policy, the ABA sounded almost credit union-like in its response: the trade group just wants to serve its members.
"This was at the request of our members," ABA Spokesperson John Hall told Credit Union Journal. "Some community bankers were uncomfortable that their trade association was educating a group of competitors that already has an unfair advantage. That's not what their dues dollars should be paying for."
In response to NAFCU's harangue, Hall replied, "We're flattered that they see the value in our educational offerings."
While the ABA may not want any credit unions at its events, it hasn't been shy about sending its own representatives to credit union events. Indeed, ABA Economist Keith Leggett has been spotted at a number of CU events, prompting some speakers to point out the ABA executive and even to edit some of their remarks on the fly so as not to share proprietary information with "the competition."
