Today, the U.S. Court of Appeals for the D.C. Circuit denied a rehearing en banc in the case American Bankers Association v. National Credit Union Administration. The Credit Union National Association (CUNA), National Association of Federally-Insured Credit Unions (NAFCU), and CUNA Mutual Group responded to the decision:
“Today’s decision by the D. C. Circuit Court upholding the National Credit Union Administration’s field of membership rule is another major win for credit unions and the 117 million members they serve,” said CUNA President/CEO Jim Nussle. “By recognizing the agency’s authority to regulate and guide America’s not-for-profit credit unions, the court has ensured that the member-owned, people-over-profit cooperative movement will remain strong and continue to grow to meet the needs of Americans for years to come.”
“Today’s appeals court decision reaffirms what we already know: The NCUA's FOM rule is well within the agency’s legal authority,” said Dan Berger, NAFCU President and CEO. “Unlike for-profit banks, credit unions do not have a history of engaging in discriminatory practices. NAFCU remains steadfast in our support of the NCUA’s FOM rule.”
“We join our credit union system partners in applauding the Appellate Court’s decision,” said Robert N. Trunzo, CUNA Mutual Group President & CEO. “This decision further proves NCUA’s Field of Membership rules are legitimate and within the agency’s scope of authority.”