ABA sues over FOM rule; NAFCU will support NCUA

The American Bankers Association on Wednesday filed a suit against NCUA over the agency’s final field-of-membership rule, which is currently set to take effect Feb. 5.

NAFCU President and CEO Dan Berger said the association stands behind the NCUA’s decision to issue this final rule, the first meaningful update to the agency’s FOM rules over the past decade.

“If the banks had put this much effort and money into policing themselves, maybe they could have helped avoid the financial crisis they caused that harmed consumers and our country’s economy,” said Berger.

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