WASHINGTON — JoAnn Johnson, chairman of the NCUA Board, said she was disappointed, but not surprised by a suit filed by the Coalition for Credit Union Charter Options seeking to roll back years of NCUA regulations regarding the disclosures and voting procedures regarding credit union to bank charter change votes.
"[The suit] attempts to curtail reasonable and basic consumer protections and represents an unfortunate step in the wrong direction with regard to the rights of credit union members," she said, adding:
"The new NCUA conversion rule, which became effective January 22, 2007, enhances the ability of the members of credit unions to make informed decisions about their ownership of the institution, and how that ownership would change if a conversion to another form of financial institution would occur. Consumers deserve more, not less, transparency and openness as they consider their choices. NCUA stands firmly behind the credit union members, and looks forward to the Court's review of this fundamental issue."
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