WASHINGTON – In a move which some could see as tit for tat for previous banker criticism of NCUA, CUNA has unleashed a small flood of criticism on the Office of Thrift Supervision, arguing the thrift regulator fails to live up to its responsibilities to credit union members whose CUs change their charters for banks.
CUNA made its position known in a written statement to the House Financial Services Committee's subcommittee on oversight and investigations. The subcommittee held a hearing on the oversight of OTS on May 25 and left the record open for 30 days for additional comment and testimony and CUNA added its comments later.
"There is no question that there are meaningful differences in the rights of credit union and thrift members," the association said. "OTS's willingness to ignore those significant distinctions and avoid ensuring consumers are adequately protected in the conversion process raises serious questions about the agency's role in supervising such transactions," the association said.
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