ABA asks full appeals court to void NCUA’s Field of Membership rule
It appears the term "local community" is at the center of the FOM legal argument for the ABA.
The American Bankers Association is asking the full U.S. Circuit Court of Appeals for the District of Columbia to overturn a panel’s decision that the NCUA had the power to expand its Field of Membership rules.
A three-judge panel of appeals court judges said, in dismissing much of the ABA’s challenge of the rule, that the agency did not violate federal law when it allowed an expansion of those rules.
In that ruling, the judges said that the NCUA has broad authority in issuing rules governing fields of membership.
However, the court also ruled that the NCUA must better explain the part of its rule stating that credit unions may serve core-based statistical areas without serving the area’s urban core.
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