WASHINGTON — The American Bankers Association took out an advertisement in Roll Call, a Washington, D.C. political newspaper, opposing the Credit Union Regulatory Improvements Act before lawmakers have even had the opportunity to introduce it in the 110th Congress.

The move came on the eve of CUNA's Governmental Affairs Conference that regularly brings thousands of credit union executives and volunteers from across the country to Capitol Hill to discuss credit union issue with their legislators. Approximately 4,000 are expected to attend the GAC this year, CUNA has said.

The ABA ad states that credit unions were "chartered to serve people of small means." It added, "Yet some are using heir tax exemption to finance shopping centers, hotels and other multi-million-dollar corporate projects." It also cites part of a recent study by the Government Accountability Office and another by the National Community Reinvestment Coalition, the NAACP, and the National Council of La Raza that are not favorable to credit unions.