CUNA continues FOM support as NCUA, ABA appeal court ruling

The American Bankers Association filed a cross-appeal in response to NCUA’s appeal of the U.S. District Court ruling regarding NCUA’s field-of-membership (FOM) rule. CUNA strongly supports NCUA’s appeal and further believes the court erred in its finding that the agency overstepped its statutory authority with regard to the combined statistical area approach and the definition of rural district.

“We believe the National Credit Union Administration’s had the authority to issue the field of membership rules in 2016 and support their appeal of the DC District Court’s summary judgment decision that held that part of the rule violated the Federal Credit Union Act,” said CUNA President/CEO Jim Nussle. “The ABA’s appeal of the decision only continues a long line of trite attacks against credit unions by banks who make every attempt to limit Americans’ access to credit unions.”

NCUA finalized its FOM modernization rule in October 2016. The American Bankers Association sued the agency over the rule in December 2016.

 

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