WASHINGTON—After the American Bankers Association Wednesday filed a lawsuit against NCUA over its new field of membership rules, both CUNA and NAFCU reaffirmed their support for NCUA's rulemaking.
As CUToday.info reported, ABA President and CEO Rob Nichols, stated, “NCUA’s rule ignores statutory requirements at the expense of taxpayers, small banks and the communities those banks serve. ABA has successfully sued NCUA three times on past occasions in which the agency exceeded its congressional authority, and we look forward to challenging their latest violation of the law in federal court.”
NAFCU President and CEO Dan Berger responded to the suit saying,"If the banks had put this much effort and money into policing themselves, maybe they could have helped avoid the financial crisis they caused that harmed consumers and our country's economy. NCUA’s field of membership rule is well within the agency’s legal authority and is in keeping with the Federal Credit Union Act.”
Berger noted that the suit is another “outrageous effort by the banking trade group to distort the truth and continue to stymie credit unions’ ability to provide consumers with the choice of a financial institution that puts them first. NAFCU will remain steadfast in its support of this rule."
CUNA President/CEO Jim Nussle shared a similar position.
“The NCUA acted well within its authority when it issued its field of membership rule. This meritless attack from bankers on the NCUA’s rule completely ignores both the law and the NCUA’s authority to regulate credit unions,” said Nussle. “The suit completely lacks worth, and CUNA and its partners will vigorously defend the rule on behalf of credit unions and the consumers that will benefit from the changes.”