The National Association of Federally-Insured Credit Unions (NAFCU), Credit Union National Association (CUNA) and CUNA Mutual Group today issued a joint statement in response to the U.S. Court of Appeals for the D.C. Circuit’s decision regarding the NCUA’s 2016 field of membership (FOM) rule.
“Today’s decision by the D.C. Court of Appeals upholding almost all portions of the NCUA’s rule is a big win for credit unions. This will have a positive impact for the industry’s 117 million members and American consumers who now have better access to member-owned not-for-profit credit unions. For the one aspect of the rule that the court asked for more explanation, we are confident the agency will provide additional support.
“CUNA, NAFCU and CUNA Mutual Group stand united in our position that credit unions provide the best in financial services to American consumers. Against meritless banker attacks, we will continue our efforts to ensure field of membership regulations are updated to reflect the modern financial services system so that credit unions can serve their members, including the underserved.”