Becker Sets Independent Community Bankers of America Straight on S.3637

NAFCU President and CEO Fred Becker on Friday demanded that the Independent Community Bankers of America “immediately cease and desist” the use of NAFCU’s name in conjunction with support for S. 3637, a transaction account guarantee extension bill that the association would only support if it includes member business lending legislation and insurance coverage of lawyer’s trust accounts for credit unions.

Becker’s letter was in response to a tweet and press release the group issued on Friday morning, as well as the inclusion of NAFCU on a list of organizations that support passage of TAG. The tweet, which was from ICBA President and CEO Cam Fine, said “NAFCU stands with ICBA on TAG” and included a link to a letter NAFCU sent to Senate leaders last Monday. That letter, written by NAFCU lobbyist Brad Thaler, noted that enactment of increased MBL authority combined with both an extension of the TAG program and IOLTA coverage would be good for credit unions, banks and the American people.

Becker pointed out that one could infer from ICBA’s Friday press release and tweet that the group now supports a package that would include both the MBL measure and IOLTA coverage. “If such reports are indeed accurate,” Becker said, “we would welcome the opportunity to work with the ICBA in immediately moving forward this ‘win-win’ package that would not only benefit the financial services industry, but our nation’s economy.”

The NAFCU president further requested that ICBA “not infer in any manner NAFCU’s support of any legislation to extend the TAG program that does not include both credit union member business lending and IOLTA coverage” in any and all future communications with the Congress, the administration, or the public.

Continue Reading

More News