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Credit Unions Wearing Banker Stripes: Issa

Speaking at an Operation Choke Point forum, the congressman said growth pressures force credit unions to act like banks.

By Nicholas Ballasy | Updated on July 15, 2014
credit unions IssaRep. Darrell Issa (R-Calif.), chairman of the House Oversight Committee, said Congressional deregulation and the resulting pressure to grow forced credit unions to become more like banks. And, that pressure has fueled banker resentment.

Issa made the comments while speaking at an event sponsored by the Libertarian-leaning Washington think tank CATO Institute regarding Operation Choke Point, a Department of Justice initiative that pressures financial institutions to cut ties with private companies that aren’t breaking the law, but could increase reputation risk.

Issa veered into credit union territory when he said that compared to banks, credit unions are a bit more protected from Operation Choke Point.

 “Credit unions so far have been slightly more insulated, but credit unions have a separate attack which is that when we deregulated credit unions, what we did was we created the same race to be a large credit union,” he said July 8 at the event, “DOJ’s Operation Choke Point: Illegally Choking Off Legitimate Businesses?”

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