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.
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 FOM rule, which was challenged by the American Bankers Association.
NCUA filed its opening brief in its appeal against a ruling regarding its field-of-membership rule, arguing its changes to FOM regulations are within its statutory authority. CUNA will file an amicus brief in support of NCUA by Dec. 13.
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.
The NCUA filed a response to the lawsuit against its final field-of-membership rule brought by the American Bankers Association. CUNA is tracking the lawsuit, and plans to support the NCUA in its defense of the rule.
The NCUA board voted Thursday to finalize its field-of-membership rule, a rule CUNA President/CEO Jim Nussle praised for providing much needed regulatory relief. NCUA also issued for a proposed rule with additional changes CUNA has advocated for.
Credit Union Magazine’s special 2020 Credit Union Rock Stars edition celebrates creative, innovative, and passionate professionals and volunteers working to advance the missions of their credit unions.