The NCUA's rescue plan for corporate credit unions should "cast doubt on the wisdom and the fairness of their tax-exempt status," Independent Community Bankers of America President/CEO Camden Fine wrote Treasury Secretary Tim Geithner today.
Fine wrote that the NCUA plan–which he referred to as a "taxpayer bailout of the credit union system"–was necessitated by financial difficulties triggered by a failure of prudent lending by corporate and natural person credit unions.
He added that the need for the NCUA to conserve five corporate credit unions and develop a plan for dealing with their legacy assets shows that the corporates' judgment is no better than Wall Street banks that had to be bailed out.
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