CUNA, NAFCU back credit union in NSF lawsuit
CUNA and the National Association of Federally Insured Credit Unions (NAFCU) joined to submit an amicus brief Wednesday in a case involving allegations related to non-sufficient funds (NSF) fees.
"CUNA and NAFCU stand with our credit union members and the need for a dependable, efficient, and convenient electronic payment system," said CUNA President/CEO Jim Nussle and NAFCU President/CEO Dan Berger. "We support the lower court's decision that upheld longstanding legal precedent by siding with Navy Federal Credit Union against a meritless lawsuit. The credit union mission is valued by millions of American consumers and supported by lawmakers, and such attacks on the industry serve no one but entities looking to pad their own wallets."
Lambert v. Navy Federal Credit Union was dismissed by the U.S. District Court for the Eastern District of Virginia in August 2019, but the plaintiff has appealed the granting of a motion to dismiss.
CUNA and NAFCU support the District Court’s dismissal, noting that he plaintiff’s claims, if allowed to proceed, could expose credit unions participating in the Automated Clearing House (ACH) system to legal and financial hazards.