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
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
18 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
20 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
20 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
21 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
21 hours ago