RANCHO CUCAMONGA, Calif. — Three more credit union leagues, New York, and California/Nevada have joined in attacking the Treasury Department's consolidation plan as injurious to credit unions and anti-consumer.
"Once again credit unions are not part of the problem, but under this ill-advised U.S. Treasury proposal we would be wrongly swept into an unworkable attempt at a solution," declared William Cheney, president/CEO of the California/Nevada League, in a statement headlined "No Deal."
In even stronger language, the New York State Credit Union League called the Treasury plan "radical, imprudent and counterproductive" with the league promising that New York CUs "of every stripe would oppose the move, noting the damage to the dual chartering system the movement has long heralded as key to its success."
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"By proposing the elimination of the federal credit union charter and the National Credit Union Administration and by severely restricting the continued viability of state-chartered credit unions," the industry would be eliminated, said William Mellin, president/CEO of the New York trade group.
Earlier, strong opposition to the plan came on Monday from both the Pennsylvania Credit Union Association and the Texas Credit Union League.
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