Not so easy come, easy go

ALEXANDRIA, Va.-In more than one attempt during his tenure, former NCUA Chairman Norm D’Amours attempted and failed to get CRA-like regulations placed on credit unions. Last October, Board Member Yolanda Wheat successfully had her Community Action Plan (CAP) proposal approved as part of the field of membership updates, over the objection of then-Board Member Dennis Dollar. The CAP would require federally-chartered community credit unions to submit a plan to the agency describing how the credit union will serve the entire community it is applying to serve. D’Amours wanted something more broadly sweeping but still voted in favor of the regulation as a first step. Now, with the NCUA’s December board meeting, the CAP is facing the chopping block. NCUA Board Member Geoff Bacino has placed on the board meeting agenda an item to repeal the CAP. The item is expected to be seconded by NCUA Chairman Dollar, who has railed against the regulation since its inception. The credit union trade groups have also spoken out strongly against the proposal as an unnecessary regulatory burden. Wheat defended the rule, noting that most community credit unions already have a similar plan so it cannot be too burdensome.