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This mammoth banking regulation has made for some strange bedfellows as credit unions and banks take the same side against some of its provisions — even if for different reasons.
In the instance of Sen. Sheldon Whitehouse's proposed amendment to overturn the ability of national banks to employ usurious credit card practices, credit unions would have to be against this proposal also.
We are currently reaping the benefits of the big banks' slavish dedication to profits at any cost, especially their reputations.
As for the comment [by Jeff Naimon, a partner at the law firm BuckleySandler LLP] that this amendment "would be a disaster for the U.S. economy," I suppose we should overlook the fact that this disaster has already struck and for the very same reasons Naimon seems to invoke against the amendment — that the big banks are profit junkies.
So, please do roll out the crack pipe and smoke this amendment.
Credit unions are enjoying the blowback.
Michael Dillon
Vice President
South Division Credit Union
Evergreen Park, Ill.
