Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Realtors CU application fans lobbying alliance buzz
WASHINGTON (3/21/08)--The National Association of Realtors (NAR) efforts to launch a credit union has raised the ire of bankers and hinted at a brewing powerful lobbying alliance on Capitol Hill, according to a newspaper report. The story in the March 20 American Banker newspaper sprouted after NAR last week applied to the National Credit Union Administration (NCUA) for a federal credit union charter to serve its 1.3 million members and their families nationwide. NAR in November voted to fund the credit union initiative with a $10 million grant (News Now Nov. 28). The Internet-based credit union would offer a complete array of services, including mortgages, auto loans and deposit accounts. The American Banker story surmised that a Realtors’ credit union could unite NAR and credit unions behind similar issues, creating “an even more potent lobbying force on issues such as expansion of credit unions' fields of membership and regulatory relief.” That theory apparently was bolstered after House Financial Services Committee Chairman Barney Frank (D-Mass.) reportedly said last week at an American Bankers Association conference, “Realtors and credit unions both have better grassroots organizations than banks do.” Bank lobbyists indicated they may oppose NAR’s application to form the credit union, according to the report.


RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
1 Day ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
1 Day ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
1 Day ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 Day ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 Day ago