adminIn 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.
