The American Bankers Association (ABA) filed a motion for summary judgment last week in its suit against NCUA and its revised field-of-membership (FOM) rule. CUNA supports NCUA’s position in the lawsuit, and will likely file an amicus brief with the U.S. District Court for the District of Columbia in the case.
“CUNA and its partners will vigorously defend the NCUA and its rule on behalf of credit unions and consumers,” CUNA President/CEO Jim Nussle said. “This suit is a meritless attack that ignores the law and the agency’s authority to regulate credit unions.”
The NCUA board finalized the FOM rule in October, and the ABA filed its suit in December. The rule became effective in February, and NCUA responded to the lawsuit in March.
NCUA has until June to file its opposition to the ABA claims, and the ABA will then have a month to reply.