Contact:
Amber Seitz, Wisconsin Bankers Association
608/441-1237 | (c) 715/897-5537 | aseitz@wisbank.com
Mike Semmann, Wisconsin Bankers Association
608/441-1205 | (c) 608/513-8567 |
msemmann@wisbank.com
Twitter: @wisbank
“We vehemently disagree with the interpretations expressed in NCUA’s opinion letter concerning the purported impact of Wisconsin law on state-chartered credit unions and contend that the NCUA lacks the authority to issue this opinion.
The NCUA claims their advertising rule preempts Wisconsin state law in two instances: the Wisconsin Deceptive Trade Practices Act and a banking law governing the use of the word “bank.” The opinion’s hyperbolic language tests credulity. NCUA goes so far as to claim the inability to use misleading terminology in advertising would “jeopardize” credit unions’ safety and soundness.
NCUA’s opinion also claims preemption of Wisconsin law is necessary to create a “level playing field” between state and federally chartered credit unions. It is disingenuous for the NCUA to claim it is striving to create equality among competitors with this interpretation while entirely ignoring the unfair tax and regulatory advantages credit unions enjoy.
We hope and expect that NCUA and all stakeholders involved will consider the best interests of consumers while seeking a resolution to what we interpret as a significant overreach of the NCUA’s power.”
