Pub. 14 2019-2020 Issue 2

NEBRASKA BANKERS ASSOCIATION 13 For more information on the ideas and resources mentioned here, visit aba.com/Diversity. Contact Rob Nichols at rnichols@aba.com . providing financial services to people of “small means,” and that its definition of “low-income” is far more expansive than that used by other federal agencies. This lack of credit union mission compliance is the rub for Petrou. “Sometimes the question of credit-union mission com- pliance is seen as an us-versus-them battle between bankers and credit unions,” she said. “This study readily acknowledges the vital role credit unions can and should play in household financial services—its goal is not to question credit unions, but to remind policy-makers of their vital mission to ensure that taxpayer-benefits received are credit-union benefits earned.” The ABA does not disagree. We have long maintained that there is a role for credit unions in our financial services ecosystem. But that role has become blurred as some credit unions increasingly look and act like banks, even purchas- ing them. It’s past time for policymakers to take a truly critical look at today’s $1.5 trillion credit union industry to ensure the American taxpayer is not being cheated. We have called for just such scrutiny, urging NCUA in particular to conduct a “top-to-bottom assessment” of whether the industry is meeting its targeted, statutory mission to serve households of “small means.” We have also asked the NCUA Inspector General to review the regulator’s role in allowing credit unions to lose sight of their mission. In the meantime, the ABA is continuing to challenge NCUA in the courts. Our lawsuit against NCUA over its expansive field of membership rule is still active; we won two of four counts, are appealing the other two, and a decision could come any day. But we are excited to move our case to the court of public opinion—and even more encouraged that the response isn’t a knee-jerk dismissal of our grievances as competitive sour grapes. Others are now seeing the serious implications of credit unions’ mission failures and lax oversight, and such awareness is crucial to achieving a level playing field.  Reframing — continued from page 11 BANKING - FINANCE - CREDITORS’ RIGHTS LEGAL SOLUTIONS FOR FINANCIAL INSTITUTIONS I LOANS – TIF/BOND FINANCING DIP FINANCING – BANKRUPTCY/CREDITORS’ RIGHTS BANK ACQUISITIONS/DIVESTITURES REGULATORY COMPLIANCE – GENERAL CORPORATE KOLEYJESSEN.COM 402.390.9500