WASHINGTON - Sen. Alfonse M. D'Amato hauled credit union regulators and trade group officials into his office on consecutive days last week to tell them to patch things up.
The Senate Banking Committee chairman also was seeking support and suggestions for his legislation to expand the National Credit Union Administration's authority over state-chartered credit unions. Sen. D'Amato plans to introduce this bill soon.
In a meeting Wednesday, the New York Republican told officials of the Credit Union National Association and the National Association of Federal Credit Unions to iron out their disagreements with the NCUA. He had NCUA officials visit his office the following day.
The New York Republican had raised similar concerns about disputes in the industry during hearings on the failure of Capital Corporate Federal Credit Union earlier this year.
"I don't want any more lawsuits," sources quoted Sen. D'Amato as telling CUNA president Ralph Swoboda.
The CUNA sued the NCUA in February over a rule that eliminates shared management between trade associations and the industry's liquidity centers. The U.S. District Court for the Eastern District of Virginia will hear motions for summary judgment from the two parties on June 30.
Sen. D'Amato also said he wanted credit unions to avoid risky practices so that the Capcorp debacle is not repeated.