Statement of NCUA Chairman Johnson Regarding
American Bankers Association Complaints
Alexandria, VA, November 9, 2005 – National Credit Union Administration (NCUA) Chairman JoAnn Johnson issued the following statement today regarding the complaints filed in United States District Court.
“The American Bankers Association is challenging the NCUA’s regulatory jurisdiction and United States Congress’ statute as it relates to credit unions providing access to affordable financial services to Americans of modest means and living in underserved areas. The agency will vigorously defend its position in this case. The rights of consumers, especially those who have not realized the American dream of financial self-sufficiency, are at stake in this case. As a co-author of HR 1151, the Credit Union Membership Access Act, Representative Paul Kanjorski clearly stated that, ‘By including explicit language authorizing multiple group credit unions to include underserved areas in their field of membership, we are not in any way restricting the ability of the National Credit Union Administration to allow community and single group credit unions to include underserved areas in their fields of membership.’ America’s consumers deserve to have access to mainstream financial services and the choice of credit union service within the bounds of federal law.”
-NCUA Chairman JoAnn Johnson
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