Responding to a petition filed with the Supreme Court of the United States by the American Bankers Association in the case American Bankers Association v. National Credit Union Administration, the Credit Union National Association (CUNA), the National Association of Federally-Insured Credit Unions (NAFCU), and CUNA Mutual Group issued the following response:
“It is unfortunate to see the bankers devote so many resources to restricting the financial options of American consumers,” said CUNA President/CEO Jim Nussle. “We believe the Appellate Court made the right decision in December and will continue to defend the NCUA’s authority to promulgate field of membership rules for America’s credit unions to deliver not-for-profit financial services to consumers.
“Banks’ continued opposition to modernizing credit unions’ Field of Membership rules is an indication of their hostility toward credit union growth and competition,” said Dan Berger, NAFCU President and CEO. “Credit unions have a strong history of stepping up for their members, especially in underserved communities, and NAFCU will continue to support the NCUA’s modernized Field of Membership rules that allow credit unions to better serve their communities.”
“As a credit union system, we remain undeterred by the bankers’ relentless legal maneuvers,” said Robert N. Trunzo, CUNA Mutual Group President & CEO. “We look forward to continuing to work with our system partners to demonstrate why NCUA Field of Membership rules are legitimate and within the agency’s scope of authority.”