FDIC ‘looking at’ credit union purchases of banks as Hood defends deals

Lawmakers also question Hood about taxi medallion loans and serving hemp-related businesses.

The FDIC is “looking at” the implications of credit unions purchasing banks, FDIC Chairwoman Jelena McWilliams said Wednesday, indicating that credit unions may have an advantage because of their tax structure and absence of Community Reinvestment Act enforcement.

“The playing field may not be exactly level,” McWilliams said, at a House Financial Services Committee that featured prudential regulators.

She did not elaborate on her agency’s efforts.

Asked about the same issue, NCUA Chairman Rodney Hood declared, “These are voluntary market-based transactions.”


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