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Departing ABA Chairman Simmons Hints at Forced Bank Conversion Attack on Large CUs in 2007

Using the conversion ploy, the American Bankers Association appears ready to launch a new legislative attack next January on its favorite target, the so-called "large bank-like credit unions," with a possible bill forcing them to convert to a mutual savings bank charter based on business lending across state lines.

By Jim Rubenstein | Updated on October 24, 2006

PHOENIX — Using the conversion ploy, the American Bankers Association appears ready to launch a new legislative attack next January on its favorite target, the so-called “large bank-like credit unions,” with a possible bill forcing them to convert to a mutual savings bank charter based on business lending across state lines.

In a farewell speech to the annual ABA convention last week, Harris Simmons, the outgoing chairman, hinted at the legislative approach in comments about continued unbridled expansion of large CUs with a “real answer” requiring them to “obtain a charter more appropriate to their business–a mutual savings bank.”

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