ACB/Hensarling Request GAO Investigation of NCUA

For your information, I have attached correspondence Congressman Jeb Hensarling, a key member of the House Financial Services Committee, has sent to the Comptroller General of the United States requesting a GAO investigation of the NCUA’s handling of conversion of credit unions to mutual savings institutions. ACB had asked Hensarling to initiate this request.

You will recall that ACB, ICBA and PACB are supporting H.R. 3206 which is designed to rein in the NCUA in its attempts to put ridiculous but difficult obstacles before credit unions that wish to convert. A GAO study will be an important move in substantiating NCUA’s institutional bias against conversions and will help us in our quest to have H.R. 3206 considered by the Congress. This is another important tool in our arsenal of initiatives against the mega, bank-like credit unions. As always, please feel free to call either Dave or I if you have any questions.

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