CUNA, NAFCU, CUNA Mutual respond to latest court action on NCUA’s field of membership rule
CUNA, NAFCU, CUNA Mutual respond to latest court action on NCUA’s field of membership rule
FOR IMMEDIATE RELEASE
WASHINGTON (December 12, 2019) – Today, the U.S. Court of Appeals for the D.C. Circuit denied a rehearing en banc in the case American Bankers Association v. National Credit Union Administration. The Credit Union National Association (CUNA), National Association of Federally-Insured Credit Unions (NAFCU), and CUNA Mutual Group responded to the decision:
“Today’s decision by the D. C. Circuit Court upholding the National Credit Union Administration’s field of membership rule is another major win for credit unions and the 117 million members they serve,” said CUNA President/CEO Jim Nussle. “By recognizing the agency’s authority to regulate and guide America’s not-for-profit credit unions, the court has ensured that the member-owned, people-over-profit cooperative movement will remain strong and continue to grow to meet the needs of Americans for years to come.”
“Today’s appeals court decision reaffirms what we already know: The NCUA's FOM rule is well within the agency’s legal authority,” said Dan Berger, NAFCU President and CEO. “Unlike for-profit banks, credit unions do not have a history of engaging in discriminatory practices. NAFCU remains steadfast in our support of the NCUA’s FOM rule.”
“We join our credit union system partners in applauding the Appellate Court’s decision,” said Robert N. Trunzo, CUNA Mutual Group President & CEO. “This decision further proves NCUA’s Field of Membership rules are legitimate and within the agency’s scope of authority.”
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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 115 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
About NAFCU
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
About CUNA Mutual Group
CUNA Mutual group is a financially strong insurance and financial services company enabling people to make financial decisions that work for them. The company was built on the principle of “people helping people” and the belief that a brighter financial future should be accessible to everyone. For more information, visit www.cunamutual.com. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis.
Contact:
CUNA: Lauren Williams, lwilliams@cuna.coop
NAFCU: Bobby Grant, bgrant@nafcu.org
CUNA Mutual Group: Philip Tschudy, Tschudy@cunamutual.com