The NCUA's proposal to encourage corporate credit unions to charge fees to non-federally insured entities is contrary to the intentions of the law and the notion that such payments would be voluntary is "disingenuous."
That's the argument the American Bankers Association makes in a comment letter it filed today with the NCUA.
ABA Vice President and Senior Economist Keith Leggett wrote that when Congress created the Temporary Corporate Credit Union Stabilization Fund in 2009 it "clearly intended for FICUs to be responsible for the repayment of advances to the TCCUSF from Treasury. The statutory language does not say that the NCUA may assess non FICUs."
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