Chairman Blaine Luetemeyer (R-MI) asking a question at the House Banking Committee on December 4, 2019 of Chairs Rodney Hood, NCUA, and Jelena Williams, FDIC.
Rep. Luetemeyer regarding the purchase of banks by credit unions: That is something on the radar of both groups. I’m fearful of a war beginning to break out. Are you guys at all concerned?
Chairman Hood: Sir, these are voluntary market-based transactions. . .
Chairman Williams: About 28 banks have been acquired by credit unions since 2011. There are additional mergers (sic) pending. Yes, we are looking at this. The two entities are not set up in the same way. And Congress did this for a particular reason. . .
There is culture shock in mergers even with partners who seem similar. I imagine bank to credit union would be even a bigger transition.