CUNA reaffirmed its support for the NCUA recent rulemaking related to its field of membership rule in response to a lawsuit filed Wednesday by the American Bankers Association against the agency’s final field-of-membership (FOM) rule.
“The NCUA acted well within its authority when it issued its FOM rule. This meritless attack from bankers on the NCUA’s rule completely ignores both the law and the NCUA’s authority to regulate credit unions,” said CUNA President/CEO Jim Nussle. “The suit completely lacks worth, and CUNA and its partners will vigorously defend the rule on behalf of credit unions and the consumers that will benefit from the changes.”
The rule provides much needed regulatory relief for credit unions, and Nussle praised the NCUA for modernizing the FOM regulations, giving credit unions more flexibility and giving consumers greater choice.