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Trades Take Issue With Proposed NCUA Changes on Underserved Areas

WASHINGTON -- The NCUA's proposed changes to the rules on what constitutes an underserved area could hurt those the rule intends to help by deterring credit unions from applying to serve those areas, CUNA and NAFCU told the agency.

By Claude R. Marx | Updated on August 26, 2008

WASHINGTON — The NCUA’s proposed changes to the rules on what constitutes an underserved area could hurt those the rule intends to help by deterring credit unions from applying to serve those areas, CUNA and NAFCU told the agency.

The changes contradict existing federal law and would “limit, not enhance, service to underserved areas,” CUNA Deputy General Counsel and Senior Vice President Mary Mitchell Dunn wrote.

NAFCU President/CEO Fred Becker wrote that the proposed rule is “unnecessarily complicated” and would increase the regulatory burden on credit unions without benefit.

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