WASHINGTON-The American Bankers Association (ABA) had to file its brief challenging NCUA’s field of membership policies with the U.S. Court of Appeals around press time. The ABA is appealing U.S District Court Judge Colleen Kollar-Kotelly’s decision in favor of the NCUA. The bankers sued the credit union regulator charging the agency’s chartering and field of membership policy from January of 1999, which expanded credit union field of membership authorities, exceeded the agency’s authority. The agency policy was implemented following the passage of the Credit Union Membership Access Act. The ABA’s brief is expected to include nearly all the points addressed in the original case. NAFCU and CUNA, also named as defendants in the case, will file a joint brief by June 29 to which the bankers must respond by July 13. NCUA’s brief is also due on June 29. Oral arguments are scheduled for September 5. In a similar case, the Missouri Bankers Association appealed the decision of the Missouri Credit Union Commission to uphold the Missouri Division of Credit Unions’ ruling regarding a field of membership expansion for Springfield Telephone Employees Credit Union. (See related story page 9) “I think it’s the desire of bankers to put restrictions on how to define a community behind all this,” CUNA General Counsel Eric Richard said. He added that CUNA will provide technical assistance in the case. The bankers’ previous maneuvers were just a formality in filing the expected lawsuit in the Circuit Court. Once the Credit Union Commission puts its opinion in writing, which could take up to two weeks, the bankers have 30 days to file the suit.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.