ALEXANDRIA, Va.–NCUA has filed a brief in the lawsuit filed against it by the American Bankers Association over its new field of membership rule for community-chartered credit unions.
The ABA sued, saying the new rule exceeds limitations put in place by Congress, and has specifically challenged the inclusion of Combined Statistical Areas — which encompass multiple Metropolitan Statistical Areas — as “local communities,” among other issues.
In May, the ABA filed for summary judgment in the case.
In its brief, NCUA argued it made a reasonable interpretation of its statutory authority.
As CUToday.info reported, CUNA, NAFCU and CUNA Mutual also recently filed an amicus brief supporting NCUA.