CUNA attends hearing in lawsuit over NCUA FOM rule

Senior CUNA staff attended a hearing on the motions for summary judgement in the lawsuit against NCUA’s field-of-membership (FOM) rule Wednesday in the U.S. District Court for the District of Columbia. CUNA strongly supports NCUA’s FOM rule and filed a joint brief supporting the rule in June 2017.

The NCUA’s rule, finalized in October 2016, provides more flexibility in the definition of communities, facilitates consumer and small business access to credit unions, and makes it easier for credit unions to serve their members. 

The American Bankers Association filed its lawsuit in December 2016 alleging that NCUA overstepped their authority when issued the rule. NCUA filed a motion to dismiss in March 2017.