CUNA wrote to the House Committee on Small Business to express support for the Expanding Financial Access for Underserved Communities Act. Credit unions’ field of membership restrictions and the member business lending cap shut out those that need access to mainstream financial services.
NCUA finalized its latest field-of-membership rule Thursday at its board meeting, re-instating portions of the rule vacated in March 2018 by a U.S. District Court Decision. Those portions of the rule were upheld by a August 2019 D.C. Circuit Court of Appeals decision.
NCUA Monday responded to a petition by the American Bankers Association in its case against NCUA's field of membership rule. CUNA stands in support of the rule and the NCUA’s authority to provide oversight for the credit union movement.
The D.C. Circuit Court of Appeals has set a briefing schedule for the appeal of the field-of-membership lawsuit brought against NCUA by the ABA. CUNA fully supports NCUA in its appeal, and plans to submit an amicus brief.