Combining forces, three credit union support organizations (National Association of Federally Insured Credit Unions (NAFCU), Credit Union National Association (CUNA) and CUNA Mutual Group) jointly filed an amicus brief supporting NCUA in its appeal of the U.S. Court of Appeals/D.C. Circuit’s decision in the American Bankers Association (ABA) lawsuit that challenged the agency’s field of membership (FOM) rule. These credit union groups originally filed an amicus brief last June and are working to protect opportunities for credit unions to grow.
For some background, NCUA finalized its FOM modernization rule in October 2016, and then the ABA sued the agency over the rule in December 2016. And in March of 2018, the court’s ruling declared provisions that automatically qualify a combined statistical area (CSA) with fewer than 2.5 million people to be a local community and increase to one million people the population limit for rural districts to exceed the NCUA’s statutory authority. Stay tuned!
