WASHINGTON — A message from Bradley Rock, chairman of the American Bankers Association, placing opposition to credit unions high on the organization's agenda has riled CUNA.
Rock wrote in the ABA Banking Journal for January 2008 that the ABA would oppose moves from such institutions to "expand into the banking business" and cited specifically its efforts to encourage the IRS to "re-evaluate" whether credit unions or farm credit should retain their tax benefits.
Rock ranked opposing credit unions and the farm credit system third in the ABA's list of priorities, significantly behind security and regulatory reform concerns, areas where bankers could make common cause with CUs, which are also concerned about implementing "more effective and focused programs to fight terrorist financing."
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