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DeFazio: Credit unions in his district reporting that FDIC is forcing banks to cut off credit...

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steve2470 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-30-08 03:04 PM
Original message
DeFazio: Credit unions in his district reporting that FDIC is forcing banks to cut off credit...
Edited on Tue Sep-30-08 03:07 PM by steve2470
to businesses in his district, forcing them to go to the credit unions.

He says he cannot ascertain the facts, joked that it's past his pay grade.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=7257406&mesg_id=7258116

This sounds rather important to me.
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AzDar Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-30-08 03:08 PM
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1. Nothing...absolutely NOTHING would surprise me these days.
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rucky Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-30-08 03:15 PM
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2. I think you just started your own rumor:
original text you link to says: DeFazio: some of the credit unions are telling businesses that the FDIC wants the banks to cut off their credit...

Which is way different from saying the FDIC is actually doing something like that.

This sounds like a cheap tactic of a credit union trying to swipe some commercial business through scare tactics. I don't even think the FDIC can make a call like that - and I'm not sure why they even would if they could.
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TxBlue Donating Member (472 posts) Send PM | Profile | Ignore Tue Sep-30-08 04:41 PM
Response to Reply #2
4. you're right... not FDIC's call
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Fresh_Start Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-30-08 04:39 PM
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3. FDIC isn't part of credit unions
they are part of NCUA
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