WASHINGTON — In an op-ed in the latest Callahan's Credit Union Report, GTE Federal Credit Union President/CEO Bucky Sebastian stated that NAFCU "fulfilled its mission long ago" and its existence is "presenting more debits than credits."
The former NCUA executive wrote, "NAFCU's presence is divisive. NAFCU never claimed to represent all credit unions, but only a segment. It often worked to promote the interest of that segment over the interests of the other segment. Thus it worked against a portion of the credit union movement. As it worked against that other segment and as it tended to devalue those credit unions that did not have federal charters or federal insurance, it tended to devalue the worth of the whole movement."
Additionally, Sebastian said that NAFCU creates confusion with state and federal legislators and regulators.
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