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Coalition Files Suit Against NCUA; Legal Brief Restates Previous Arguments

In a somewhat unexpected move, the Coalition for Credit Union Charter Options, the banker-led organization that seeks to facilitate credit unions changing their charters to those of mutual banks, has filed suit in federal court to reverse the agency's regulation surrounding credit union-to-bank charter conversions.

By David Morrison | Updated on July 17, 2007

WASHINGTON — In a somewhat unexpected move, the Coalition for Credit Union Charter Options, the banker-led organization that seeks to facilitate credit unions changing their charters to those of mutual banks, has filed suit in federal court to reverse the agency’s regulation surrounding credit union-to-bank charter conversions.

Lawyers familiar with the ongoing dispute over NCUA regulation around the charter change issue expected that a lawsuit, if it came, would originate with one of the credit unions actually dealing with the regulations. But instead the case was filed by the coalition; a relatively new group that has never said how many credit unions it has as members and which is advised and led by bankers.

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