WASHINGTON-NAFCU President and CEO Fred Becker told banks that“Credit Unions Are Not the Enemy” in an opinion piece by that namethat appeared in the Oct. 29 edition of American Banker. He pointedout, as recent remarks from former Comptroller of the Currency JohnHawke to the American Bankers Association indicated, that banks andcredit unions have more in common, like regulatory relief, than onemight be made to believe. Becker agreed, quoting Deputy AssistantTreasury Secretary Michael Dawson stating, “Never before in thehistory of financial regulation have so many new regulatory burdensbeen imposed on such an array of financial institutions in so shorta period of time.” However, NAFCU's chief continued, “It isunfortunate that some within the banking community, in jockeyingfor who can slam credit unions the most whether in the press, onthe Hill, or in state legislatures have taken their eyes off theball. Why not spend these vital industry resources by joiningtogether toward much more attainable and worthwhile goals?” Infact, Becker said other financial competitors like insurers, mutualfund companies, investment brokers, and finance companies; thestate of the economy; and interest rate movements are “a muchbigger threat to banks than credit unions.” He wrote, “I only hopethat enough banks and thrifts begin to see that credit unionsreally are not their chief problem, and that they will begin, asMr. Hawke suggests, to help change the direction of those attackingcredit unions.” Becker's opinion concluded, “I am optimistic thatthe financial services community can construct a “win-win” byjoining together to address safety-and-soundness concerns and thepotential for serving even more consumers. A good first step is tosupport and move forward a regulatory relief bill in the nextCongress, thereby benefiting credit union members and bankcustomers alike. “By doing so, we just might enhance theavailability of financial services to every American.” –[email protected]