On May 25th the American Bankers Association (ABA) filed a motion for summary judgment in its suit against NCUA and its revised field-of-membership (FOM) rule. A motion for summary judgment is in essence a formal request of one party to the court to rule that the opposite side has no case. Credit unions, Leagues and CUNA support NCUA’s position in the lawsuit, and CUNA will likely file an amicus brief with the U.S. District Court for the District of Columbia in the case.
The timeline of activity to date for background:
- The NCUA board finalized the FOM rule in October of 2016,
- The ABA filed its suit in December that same year,
- The FOM rule itself became effective in February,
- NCUA responded to the lawsuit in March of 2017, and then
- The ABA filed the motion for summary judgment.
What is anticipated next: NCUA has until June to file its opposition to the ABA claims, and the ABA will then have a month to reply. While this legal, procedural dance can be drawn out, it’s one to keep on the collective radar. Stay tuned!
