Supreme Court Building in Washington DC
The United States Supreme Court Building at sunset in Washington DC, USA.

Supreme Court denies ABA appeal to void FOM rule

In a big win for credit unions, yesterday, the Supreme Court of the United States denied an appeal from the American Bankers Association (ABA) to void the NCUA’s field of membership rule. The June 29 decision marks the conclusion of the American Bankers Association v. National Credit Union Administration case which dates back to 2016 when the bankers’ trade filed a lawsuit challenging the credit union regulator’s revision to its FOM rule.

The decision upholds the NCUA’s authority to provide oversight for the credit union industry and issued the following statements of support for today’s decision.

“This is a tremendous victory for credit unions against the continued attacks by bankers on credit unions,” said LSCU President Jared Ross. “The ability to legally expand the field of membership allows credit unions to offer service in areas of their communities that have great need for financial services.”

This decision marks the conclusion of the American Bankers Association v. National Credit Union Administration case which dates back to December 2016 when the bankers’ trade filed a lawsuit challenging the credit union regulator’s revision to its FOM rule.

Written by
Cara Clark
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About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

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To be the trusted advocate and preferred source of information for credit unions.

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