In response to a statement by banking trade associations regarding the National Credit Union Administration’s (NCUA) modernization of credit union field of members, Credit Union National Association (CUNA) President/CEO Jim Nussle released the following:
“The new field of membership rule and the new proposed rule are fully consistent with the Federal Credit Union Act and the Administrative Procedures Act. They are also fully consistent with the intent of the Credit Union Membership Access Act, which I voted for in 1998 when I was in Congress. Our friends in the banking industry appear to be ready to launch another quixotic legal challenge to NCUA’s actions. CUNA is prepared to defend this rule and we will take all necessary measures to do so.”