CUNA, NAFCU, CUNA Mutual Group stand with NCUA on FOM Rule
WASHINGTON, DC (May 26, 2020) — The National Credit Union Administration (NCUA) today responded to a petition by the American Bankers Association (ABA) in the case of American Bankers Association v. National Credit Union Administration. The case, which concerns the NCUA’s 2016 field of membership rule, will determine consumers’ ability to access the financial well-being afforded by credit unions.
Standing in support of the rule and the NCUA’s authority to provide oversight for the credit union movement, the Credit Union National Association (CUNA), National Association of Federally-Insured Credit Unions (NAFCU), and CUNA Mutual Group (CMG) responded:
“The Appellate Court was correct in its decision last year to recognize the NCUA’s authority to issue this rule, and in determining the rule was proper in its scope,” said CUNA President/CEO Jim Nussle. “CUNA will continue to support the NCUA in this case, and encourage the Court to stand with consumers—not the banks’ investors—at a time when financial well-being is critical to the so many people’s economic survival.”
“Credit unions always put their members first, yet banks’ continued opposition to credit unions serving their local communities at a time of immense economic and financial uncertainty is simply disheartening,” said NAFCU President and CEO Dan Berger. “NAFCU continues to stand alongside credit unions and their 120 million members in support of the NCUA’s field of membership rule, and we oppose banks’ efforts to increase their own profits at the expense of the financial well-being of families and communities.”
“The credit union system has proven time and again that we are stronger together,” said CUNA Mutual Group President and CEO Robert N. Trunzo. “We have fought hard to get to this point, and we will be relentless in our efforts to ensure consumers have access to vital credit union services, particularly during this extraordinarily difficult time in our nation’s history. We remain confident NCUA Field of Membership rules are legitimate and within the agency’s scope of authority.”
In August 2019, the D.C. Circuit Court of Appeals overturned the previous opinion by U.S. District Court for the District of Columbia, thereby allowing credit unions to serve Combined Statistical Areas of up to 2.5 million people and rural districts with up to one million people.
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
