07/29/2015

NCUA Apology Further Evidence of Captive Regulator

After suggesting that credit unions that question the National Credit Union Administration’s spending aren’t acting in the interests of their members, agency chairman Debbie Matz apologized to the industry she’s charged with regulating. Matz’s apology does little to assuage concerns laid out in a new Washington Times editorial that the NCUA is captive to the tax-exempt credit union industry.

The apology, reported in the Credit Union Journal, followed a congressional hearing last week in which ICBA raised questions about the NCUA’s attempt to flout the statutory member-business-lending cap established by Congress.