Norman E. D'Amours, chairman of the National Credit Union Administration, charged bankers with trying to "eliminate" the credit union industry because it is "a $300 billion pot they want to get their hands on."
Speaking at a press conference Friday, Mr. D'Amours said bankers want to "take over" low-income markets served by credit unions.
"If it were not for credit unions, I don't think the banks would ever have realized that people of small means are honest and repay their debts and you can make a profit serving them," he said.
Mr. D'Amours said an Oct. 25 court injunction barring credit unions from adding members who do not share the "common bond" of their founders has "immediate and terrible implications" for the poor.
Mr. D'Amours predicted that the injunction would be overturned on appeal. Four North Carolina banks brought the lawsuit that led to the injunction.
Eugene A. Ludwig insists he has no plans to leave his post as comptroller of the currency.
According to the grapevine, Mr. Ludwig wants to take advantage of his experience with international trade and intellectual property law to become U.S. trade representative or ambassador to France.
"I have no plans to leave here," he said in a recent interview. "My term is up April of 1998, and, until then, this is what I expect to be doing."
David Nebhut has been promoted to head the OCC's economics department.
Formerly the director of the department's economics and evaluation division, the 16-year agency veteran replaces James D. Kamihachi, who was named senior deputy comptroller for economic analysis in September.
Mr. Nebhut holds two economics degrees: a bachelor's from Pennsylvania State University, and a PhD from Northwestern University.
The American League of Financial Institutions has tapped Thomas L. Clark Jr., president and chief executive of Carver Federal Savings Bank, New York, to be its new chairman.
At its annual awards banquet Oct. 26, the group, which represents minority-owned thrifts, also appointed Paul C. Hudson to be vice chairman. Mr. Hudson is president and chief executive of Broadway Bank, Los Angeles.