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CUNA Strongly Objects to OTS' Position on CU-Bank Conversions; Calls for GAO Investigation of Agency

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...

By David Morrison | Updated on June 20, 2006

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.

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