WASHINGTON – CUNA President/CEO Dan Mica penned a letter to the editor, "Bank Regulators Could Be Called Cheerleaders Too" to the American Banker, taking issue with comments by Donald Ogilvie, executive vice president of the American Bankers Association that Mica called "both disturbing and misleading."

In Mica's letter to the editor that ran in the December 28th edition of American Banker, he said Ogilvie's statements "overlook the fact that the National Credit Union Administration's proposed Community Action Plan was not based on statute and was patently unnecessary."

Mica further addressed Ogilvie's implication that "since no regulation exists requiring credit unions to lend in their communities, they do not do so." Mica stated that the exact opposite is true.