CUNA, NAFCU, CUNA Mutual file brief supporting NCUA’s FOM appeal
CUNA joined the National Association for Federally Insured Credit Unions and CUNA Mutual Group Thursday to file a brief in support of NCUA and its field-of-membership (FOM) rule. The brief supports NCUA’s FOM modernizations, which were challenged by the American Bankers Association.
“CUNA stands unwavering in its support of NCUA’s important modernization of its field-of-membership rules, and we strongly support NCUA’s appeal in the latest bank attempt to limit Americans’ access to credit unions,” said CUNA President/CEO Jim Nussle. “As the federal regulator for credit unions, it is vital NCUA have the authority to interpret relevant statutes and modernize its regulations as needed to help credit unions better serve their members while maintaining safety and soundness.”
NCUA finalized its CUNA-supported FOM rule in October 2016, and the American Bankers Association sued the agency in December 2016. The U.S. District Court of the District of Columbia ruled in March 2018, upholding two challenged portions of the rule and striking down two provisions.
CUNA continues to maintain NCUA’s FOM rule is well within the agency’s statutory authority and is in keeping with the Federal Credit Union Act.