WASHINGTON–In a highly unusual departure by a credit union community that almost always puts on a unified front, America’s Credit Unions said it does not support efforts by Navy Federal Credit Union to amend the Federal Credit Union Act in a way that would allow NCUSIF insurance to cover deposits at a military bank it operates. The issue has been strongly divisive, with Navy FCU working in Congress to have the FCU Act amended, military credit unions strongly opposing the move, and America’s Credit Unions not really taking a strong position as it sought to find a way forward on which everyone could agree. But as has become clear, there was not going to be an agreement, and the divide between not just credit unions but CU trade groups become prominent enough that ACU President and CEO Jim Nussle has released a video explaining the association has been unable to find a calm harbor. America’s Credit Unions now says it opposes Navy FCU’s bid to amend the FCU Act, which prohib
Comments
Post a Comment
Please no profanity or political comments.