NCUA files appeal in Field of Membership Ruling

In a move strongly supported by CUNA and your League, the National Credit Union Administration formally filed an appeal this week with the U.S. Court of Appeals for the District of Columbia challenging the U.S. District Court for the District of Columbia’s ruling in March that vacated two provisions of the agency’s field-of-membership (FOM) rule.

Todd Mason, President/CEO of the Maine Credit Union League, called the decision by NCUA to appeal “an important development that could positively impact a number of our members.”

CUNA President/CEO Jim Nussle added, “The NCUA is the prudential regulator for the credit union system, and we support their delegated authority to promulgate rules and regulations under which credit unions can serve their member-owners.  CUNA recently completed a very rigorous statistical analysis finding that broader fields of membership unambiguously create substantial benefits to credit unions, their members and the overall safety and soundness of the financial sector.”

No date on when the appeal might be considered but your League will provide updates as it moves forward.