CFA - Consumer Federation of America

12/13/2024 | Press release | Distributed by Public on 12/13/2024 14:26

Consumer Federation of America Urges Increased Resources for National Credit Union Administration

The Consumer Federation of America submitted comments urging increased resources for the National Credit Union Administration, and offering advice on strategies. Our advice was as follows:

Credit unions should be different than banks. In general, credit union leaders should seek to achieve goals that differ from those of for-profit banks. Their strategies should reflect this distinction. Credit unions should also not rely on overdraft and non-sufficient funds fees for a disproportionately large share of their revenues.

Finally, the NCUA deserves more resources to fulfill its mission. It should create a new position for a green climate officer, employ new staff to enforce consumer financial law violations, and should consider complementing its existing supervisory staff with new professionals with narrow subject-matter expertise.