Field of membership dispute not over?

Credit unions are mistaken if they believe bankers are done with their lawsuit over NCUA’s new field of membership rules, according to Dennis Dollar, who also believes NCUA will need to act to again expand its FOM rules.

The former NCUA chairman says the industry needs to prepare for the big-pocketed financials to exhaust their resources to fight back against the recent Court of Appeals decision that largely went in favor of credit unions.

Moreover, Dollar is further contending the decision will restore balance between federal and state charters on FOM issues, and predicting NCUA will come forward with updated FOM rules within the next two years to keep pace with changes at the state level.

As CUToday.info reported, the U.S. Court of Appeals for the D.C. Circuit last week ruled in favor of almost all of NCUA’s 2016 field of membership rule in a lawsuit filed by the American Bankers Association.

 

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