WASHINGTON–NAFCU, CUNA and CUNA Mutual Group jointly filed an amicus brief Thursday supporting the National Credit Union Administration in its appeal of the U.S. Court of Appeals for the D.C. Circuit’s decision in the American Bankers Association lawsuit that challenged the agency’s field of membership (FOM) rule.
“NAFCU remains a staunch advocate of the NCUA's legal authority to modernize credit unions' fields of membership, and we strongly support the NCUA during the appeal process,” said NAFCU President and CEO Dan Berger. “This lawsuit is a clear and transparent attempt by bank lobbyists to hamstring credit unions’ ability to help more American consumers.”
“CUNA stands unwavering in its support of NCUA’s important modernization of its field-of-membership rules, and we strongly support NCUA’s appeal in the latest bank attempt to limit Americans’ access to credit unions,” said CUNA President/CEO Jim Nussle. “As the federal regulator for credit unions, it is vital NCUA have the authority to interpret relevant statutes and modernize its regulations as needed to help credit unions better serve their members while maintaining safety and soundness.”
“Over the years, CUNA Mutual Group has strongly defended and promoted credit unions’ field of membership, such as with the Credit Union Campaign for Consumer Choice,” said Robert N. Trunzo, CUNA Mutual Group president and CEO. “We felt compelled to continue that support by joining forces with CUNA and NAFCU as well as retaining the services of highly respected attorney, Eugene Scalia, at the outset of the case. We are proud to continue that effort by working with NAFCU and CUNA in filing this amicus brief in support of NCUA’s appeal.”