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GOLDSBORO, N.C.-Proposed legislation that would rein in overdraft protection programs and require credit unions to obtain written permission from members to opt-in to such programs is causing at least one CU to worry about its future.
"The fact of the matter is this bill is very poorly conceived," said Robert McKenzie, president/CEO of North Carolina Community FCU.
McKenzie called the legislation a "cookie-cutter approach" that Congress created as a knee-jerk reaction to the practices of just a few that are not representative of all institutions.
"Most credit unions do not practice this approach," he said of...