Berger letter to lawmakers pushes back against community bankers
In response to a letter from the Independent Community Bankers of America and persistent attacks by bankers, NAFCU President and CEO Dan Berger wrote to lawmakers in the House and Senate to set the record straight on credit union-bank mergers. Berger, sent the letter to members of the Senate Banking and House Financial Services Committees, the House and Senate Committees on Ways and Means, and the Senate Committee on Finance.
“First and foremost, it is important to recognize that bank-credit union mergers are voluntary, market-based transactions that require a community banks’ board of directors to vote on selling to a credit union,” said Berger. “These are not “hostile” takeovers.”
In the letter sent Friday, Berger uses facts to discredit the erroneous claims made by bankers, including:
- the NCUA Board’s recently proposed rule relating to these types of transactions;
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