The NCUA is already using its new – and illegal – Field of Membership rules to greatly expand the reach of specific credit unions, the American Bankers Association said Oct. 3 in its lawsuit against the agency.
The ABA contended the NCUA has approved expansions that "are not limited to a single 'well-defined local community, neighborhood or rural district,' as required by the Federal Credit Union Act."
In October, the NCUA board approved rules that board members said would provide credit unions with more flexibility to determine their fields of membership.
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